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Principle and interest amounts not changing since beginning of year .

Rich Fleischmann

Since the beginning of the year the principle and interest has remained static. Through December or January, the calculations were correct but after that time, Quicken reverted back to the original principle and interest amounts. I don't remember when I updated Quicken but it may have been at that time. I have just updated to Quicken 2019 Deluxe for Windows, so this problem started when I went migrated to to Quicken 2018 Deluxe.

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mshiggins

QWin or QMac?

Rich Fleischmann

QWIN

NotACPA

Are you downloading into that mortgage account (a bad idea).
How are you recording your mortgage payments?
Are you using Q's Loan Wizard?
Are you sure that you're using the correct accounts with your mortgage payments? If that money is exiting your checking account ... it has to be going somewhere.

Rich Fleischmann

* Not downloading
* Quicken automatically records loan payment from loan wizard.
* The correct total principle and interest payment is made and the loan co. applies the principle and interest correctly. The problem is only in my register and tax category records.
* Again, this was working correctly until the beginning of 2018, probably when I migrated to Q 2018. At that time Quicken reverted back to the princ. & int. amounts at the beginning of the loan, and have stayed the same. I've gone into my register for the last 11 mos. and change to amounts to those reflected in the statement my mortgage co. sends me.,

NotACPA

SO, if the money isn't being sent to your Mtg Principal account and your Mtg Int Category ... where IS it going?

OR, is it going to those places and somehow being negated?

Rich Fleischmann

It is going to those categories but since the values have not changed, the numbers in the categories are wrong - that skews the tax planning. The principle paid should be increasing each month and the interest paid should be decreasing each month based on the interest rate. And that's the way it worked until Quicken 2018 If I look at the payment for each month prior to January, the principle and interest are adjusted each month based on that interest rate As the principle drops with each payment the interest for that month should be less but it stays the same, as does the principle

UKR

I'm a little confused here ...
You said you had a Scheduled Reminder available from the Loan Wizard setup for this loan.
Are you automatically (or manually) recording this scheduled reminder in your checking account every month, before the due date AND before you download transactions from the bank containing the loan payment?
Or are you downloading and automatically accepting downloaded transactions from the bank, hoping that Quicken will be smart enough to figure out that this transaction now appearing in your checking account is supposed to be the Scheduled Reminder and not a memorized transaction from your Memorized Payee List (with the data from last December)?

When working with loan payment transactions I always recommend that you record this Scheduled Reminder transaction manually (or automatically) every month before the due date and before the downloaded payment confirmation appears in your checking account. That way, Quicken will always have the correct variable principal, interest and optional escrow amounts for the month in the register. When the downloaded confirmation arrives, Quicken can (should) just simply match to this transaction and not create a duplicate or some other problem.

NotACPA

WAIT, WAIT, WAIT.
Is the balance in your Mortgage account going down?

If you run an Income and Expense Report, subtotaled by month, is the Interest portion of your mortgage getting posted to your Mortgage Interest category each month?

If you have any other deduction in your mortgage payment, are they getting posted to the appropriate account (or Category) each month.

I'm NOT asking here if the amounts are correct ... just are they getting posted.

Because this latest post makes it sound as if the Amortization (AKA, the Principal vs Interest split) isn't getting changed when you make the next month's payment.

Sherlock

I suspect a downloaded payment transaction is being matched to an inappropriate memorized transaction instead of an entered loan payment reminder or memorized transaction.

Rich Fleischmann

I don't download anything from the bank. I get a paper receipt of the loan payment info every month. I use this to correct the entry in the checking account placed there by the loan wizard every month. Wait, the principle and interest entered in the reminder by the loan wizard never changes. Is this tha way it always worked and I just forgot to manually change the amounts every month, or is the loan wizard supposed to put the correct amounts in the reminder?

Rich Fleischmann

The original mortgage amount displayed in the account list has not changed at all, but when I view the payment schedule the correct balance is shown The loan wizard knows what the balance is but doesn't change it on the account display. So, if that principle doesn't go down, the interest and principle payments will remain the same.

NotACPA

Are you causing the transaction created by the Loan Wizard to be recorded in your Q checking account each month?

Because THAT'S how the amounts get updated in the Wizard for the next month. You can't just reuse the Wizard transactions and not post them to Checking.

NotACPA

The "payment schedule" never changes, unless you change the terms of your loan. It's ALL calculated values based upon the terms of the loan that you originally input.
It's NOT impacted by the transactions that you record in Q.

ONLY posting the Loan Wizard transaction will cause the values in that transaction to be updated for the next month.

Sherlock

If the mortgage amount shown in the Account Bar displays the original mortgage amount, the payment transactions you are entering are not transferring the principle portion appropriately to the mortgage. If you are using the loan wizard generated loan payment reminder or memorized transaction to enter the payment, the loan payment reminder or memorized transaction appears to have been corrupted and I suggest coercing Quicken into regenerating the loan payment reminder or memorized transaction.

Rich Fleischmann

ok, I'll try that. This is just a record of the transaction because the payment is automatically deducted from my checking account by the mortgage company. But I would like it to accurately reflect my balances.

Rich Fleischmann

Problem resolved. I had changed the category for the principle that the Wizard had set up so no payments were being directed into the account. Ugh...I found it when I noticed that I could manually adjust the balance. When I did that I saw the entry in the register and then realized that the payments were going somewhere else.

NotACPA

Thanks for the update ... and confirming that the problem was User Error.

UKR

Glad you found it at last, Rich. So no more of this, then ...

;-)

Rich Fleischmann

Thank you for your help. It's nice to know there's help available.