why doesn't the transfer account list include loans

kem070396
kem070396 Member ✭✭
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.

Comments

  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited November 2018
    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.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • kem070396
    kem070396 Member ✭✭
    edited November 2018
    That would explain why there is no loan account register I suppose. So any suggestions as to how I categorize the payments?
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited May 2020

    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.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Unknown
    Unknown Member
    edited May 2020
    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
    UKR SuperUser ✭✭✭✭✭
    edited November 2018

    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
    Unknown Member
    edited May 2020

    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
    mshiggins SuperUser ✭✭✭✭✭
    edited May 2020

    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.


    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Unknown
    Unknown Member
    edited May 2020

    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.
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