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Mortage payments can not be entered.

My mortgage payment is downloaded from my checkbook account. The amount is $506. Since it is a mortgage, the amount is fixed for a year at a time. The $506 is brokern into 2 parts, interest and principle payment.

How can I enter the payments in 2 parts and still see the correct amount due in the mortage account.

Best Answers

  • george weers
    george weers Member ✭✭
    Accepted Answer
    Sherlock:

    Thanks for you help. Your solution will not work for me. Your solution did put me on the track of a workable solution.

    The situation is complex. This is a very old frustration. Quicken “Transfer” uses the configuration field on the receiver account to indicate where the transfer came from. I have made several requests for this to be changed without success. In order to keep my reports simple I would like to specify the category where the new entered the new income should be entered.

    Specifically on the Mortgage problem: My check book account and the mortgage account are both at Wells Fargo. Wells Fargo auto pay causes $362 to be “transferred” to the PEL account on the 29th of each month. The “transfer” is downloaded into the checking account as a $362 payout event. The same download shows the PEL account received a $362 “Transfer” deposit. Wells Fargo does not provide for download events from a PEL account. (Low cost interest impact!). This means the breakout of $210 interest and $152 principle never gets to Quicken. Quicken reports do not reflect the “Transfer” information as an expense. In addition Quicken does not see the principle payment (no Download) so the PEL remaining balance is wrong every month.

    Solution:
    Allow the downloads to run normally. Periodically look at the statement to see the actual finance charge for each month. Manually enter the interest line item in the PEL account. Now normal Quicken “category” reports will have an accurate value for the monthly interest. In addition the PEL account will show a reasonably accurate balance due on the Mortgage.

    My main use of Quicken is to record all expense transactions. This info is fed to a MY own spread sheet report to indicate current expense versus income situation. In the past I had to guess on the PEL interest item. As you might guess this item is significant. The monthly payment to the PEL is an item of interest. The total interest paid in all credit account is where I might look for a place to control expenses.

    With this solution I can use the normal configuration report to get a good total for the PEL interest.

    George

Answers

  • george weers
    george weers Member ✭✭
    Accepted Answer
    Sherlock:

    Thanks for you help. Your solution will not work for me. Your solution did put me on the track of a workable solution.

    The situation is complex. This is a very old frustration. Quicken “Transfer” uses the configuration field on the receiver account to indicate where the transfer came from. I have made several requests for this to be changed without success. In order to keep my reports simple I would like to specify the category where the new entered the new income should be entered.

    Specifically on the Mortgage problem: My check book account and the mortgage account are both at Wells Fargo. Wells Fargo auto pay causes $362 to be “transferred” to the PEL account on the 29th of each month. The “transfer” is downloaded into the checking account as a $362 payout event. The same download shows the PEL account received a $362 “Transfer” deposit. Wells Fargo does not provide for download events from a PEL account. (Low cost interest impact!). This means the breakout of $210 interest and $152 principle never gets to Quicken. Quicken reports do not reflect the “Transfer” information as an expense. In addition Quicken does not see the principle payment (no Download) so the PEL remaining balance is wrong every month.

    Solution:
    Allow the downloads to run normally. Periodically look at the statement to see the actual finance charge for each month. Manually enter the interest line item in the PEL account. Now normal Quicken “category” reports will have an accurate value for the monthly interest. In addition the PEL account will show a reasonably accurate balance due on the Mortgage.

    My main use of Quicken is to record all expense transactions. This info is fed to a MY own spread sheet report to indicate current expense versus income situation. In the past I had to guess on the PEL interest item. As you might guess this item is significant. The monthly payment to the PEL is an item of interest. The total interest paid in all credit account is where I might look for a place to control expenses.

    With this solution I can use the normal configuration report to get a good total for the PEL interest.

    George
This discussion has been closed.