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why doesn't the transfer account list include loans

kem070396

How am I supposed to account for a payment to a loan without transferring the amount to the loan? The Loan does not appear in the transfer list. Am I missing something? Using Quicken 2019 for Windows.

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mshiggins

Is the loan account enabled for transaction downloading? If yes, you won't be able to make any entries at all to the loan account register.

kem070396

That would explain why there is no loan account register I suppose. So any suggestions as to how I categorize the payments?

mshiggins

That would explain why there is no loan account register I suppose. So any suggestions as to how I categorize the payments?

I would use the reminder that was set up as part of the loan account creation. That will have all the categories and amounts for the payments.

unknown

How am I supposed to account for a payment to a loan

Account for it where?

Note that because I don't have such a loan I can't be sure of any details, but even with a loan that is downloaded there is going to be a reminder, that turns into an actual transaction into the checking/savings account you are paying from. In that transaction there should be a transfer to the loan account.

Behind the scenes there is a loan register, they have just hidden it because they don't want you trying to change anything and get it out of sync with what the financial institution is sending.

What I'm not clear on is if that transfer will or not show up in places like reports or the budget, given the "hiding" that they are doing.

UKR

For whatever it's
worth ... I would not bother attempting to activate any loan or mortgage
account for downloading. (Not discussing
LOC or HELOC accounts here)

An online-connected
loan or mortgage account does NOT have a transaction register. All data shown
in the account come from whatever information the bank downloads to you ... if
this process works at all.

As a result of this,
the scheduled payment transaction cannot transfer the amount of principal paid
into the (non existent) account register and must use a category, usually
something like Loan:Principal, instead.

If you want to have
full control over both the loan account register and the payment transactions
you need to set up your loan account as a "manual loan account" and
use the Scheduled Reminder created by the setup process to record your payment
transaction on or before the due date.

If you have already
established a connected loan account and are having problems with it please
take a look at this:

How to convert back to a manual loan

https://getsatisfaction.com/quickencommunity/topics/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-scheduled-reminder-loan-account

unknown

For whatever it's
worth ... I would not bother attempting to activate any loan or mortgage
account for downloading. (Not discussing
LOC or HELOC accounts here)

An online-connected
loan or mortgage account does NOT have a transaction register. All data shown
in the account come from whatever information the bank downloads to you ... if
this process works at all.

As a result of this,
the scheduled payment transaction cannot transfer the amount of principal paid
into the (non existent) account register and must use a category, usually
something like Loan:Principal, instead.

If you want to have
full control over both the loan account register and the payment transactions
you need to set up your loan account as a "manual loan account" and
use the Scheduled Reminder created by the setup process to record your payment
transaction on or before the due date.

If you have already
established a connected loan account and are having problems with it please
take a look at this:

How to convert back to a manual loan

https://getsatisfaction.com/quickencommunity/topics/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-scheduled-reminder-loan-account

I learned something new in another thread. The subscription version of Quicken (2018/2019) has a new feature where you can deactivate a loan account setup for downloading transactions. This will change it into a "manual loan account".

So you don't have to go through all of the process of creating an new account and transferring the transactions over to it.

mshiggins

How am I supposed to account for a payment to a loan
Account for it where?

Note that because I don't have such a loan I can't be sure of any details, but even with a loan that is downloaded there is going to be a reminder, that turns into an actual transaction into the checking/savings account you are paying from. In that transaction there should be a transfer to the loan account.

Behind the scenes there is a loan register, they have just hidden it because they don't want you trying to change anything and get it out of sync with what the financial institution is sending.

What I'm not clear on is if that transfer will or not show up in places like reports or the budget, given the "hiding" that they are doing.

From C. D. Bales:

I have an online-enabled loan setup in one of my Quicken
test files (I use a manual loan account for that loan in my regular Quicken
file - I find no use for online-enabled loans).

The online-enabled loan account appears in the Category
(Transfers group) dropdown in my Quicken checking account (as well as my
savings and cash accounts), and I can create a transaction in the checking
account that transfers funds to that online-enabled loan account.

I also have no problem creating a Reminder that transfers
funds from my checking account to the online-enabled loan account (which also
appears in the Category (Transfer group) dropdown in the Add Reminder dialog).

While the online-enabled loan account does not allow the
user to see its "register" directly, the user can see the
transactions in the online-enabled loan account using the Banking >
Transaction report (and other transaction-level reports).

Perhaps the original poster is attempting to create a
"Transfer" Reminder, which requires the user to specify both the FROM
and TO "accounts". The online-enabled loan account "Display
Options" have the "Hide in transaction entry lists" box checked
and grayed out: the "account" can not be un-hidden. That
"Hide" pertains to "Account" dropdowns (such as that in a
Transfer Reminder), but not "Category" dropdowns.

When creating an online-enabled loan account, Quicken does
not create a Reminder for that loan. And I believe it would be a mistake for
the user to attempt to transfer funds into the online-enabled loan account,
since Quicken downloads will attempt to keep that account in balance. I believe
the downloads should reduce the Quicken loan account balance by the amount of
principal paid whenever a real-world payment is made.

If the user insists on modifying the online-enabled loan
account; the way to be able to transfer funds into an online-enabled loan
account is to use the Category dropdown: the Account may be hidden, but the
account-Category (the account name in square brackets) is not.

unknown

How am I supposed to account for a payment to a loan
Account for it where?

Note that because I don't have such a loan I can't be sure of any details, but even with a loan that is downloaded there is going to be a reminder, that turns into an actual transaction into the checking/savings account you are paying from. In that transaction there should be a transfer to the loan account.

Behind the scenes there is a loan register, they have just hidden it because they don't want you trying to change anything and get it out of sync with what the financial institution is sending.

What I'm not clear on is if that transfer will or not show up in places like reports or the budget, given the "hiding" that they are doing.

Thanks for the information. That fills in some holes in what I know about the feature.