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Manually Inputing Loan Transactions

Iskinner

:| I am attempting to input the loan history for my current mortgage. I cannot seem to assign the proper categories and values in the split to have the principal properly reduce the loan's outstanding value. I am trying to split the loan transaction between the principal (~1700), the interest (~700) and the escrow transfer (~600) which sums to the $3000 which has been paid every month since the loan was started.

Right now the entire 3000 payment is being recorded as an increase in the loan value. When I try to flip the sign on the principal value it just enters the ~400 difference as the decrease of the loan.

How can I properly split the 3000 dollar payment so that 1700 is correctly shown as a decrease of the loan value, the 700 is properly tracked as an interest expense and the 600 is transferred to my escrow asset account.

It might be important to note that most of these transactions I am directly inputting into the Loan account as they predate the three months of transaction history that was Imported from my bank into my checking account when I set up my new Quicken install a couple of weeks ago. Only the three most recent loan transactions will have a corresponding transaction in the checking account.

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Accepted answers

Sherlock

Iskinner said:

Sherlock,

I attempted to make the split go as you suggested, it did not work.
[loan] 1700
interest 700
[loan escrow] 600

The issue I believe is that there is no payment account for these transactions. I am attempting to enter historical loan payments going back to the first payment on the loan from 2/1/2017. My payment account (main checking) only has transactions dating back to 5/24/2019. If I were to make transactions for the loan from that account before the checking account's opening balance date it is going to screw up my balances and reconciliations.

I am attempting to just enter the historical transactions in the loan account with no payment account. Is there a way to do so? I tried to make the principal refer to the loan itself with a [loan] entry in the split, but this did not apply the principal as a decrease of the loan, it still calculated it as a increase of the loan.

I suggested you enter the transaction in the payment account. You may adjust the opening balance of the payment account after you've entered the transactions.

Also, I suggest you use the four line split format Quicken expects.

All comments

Sherlock

The easiest way to input mortgage payments should be to use the loan payment reminder. However, there is a nasty issue where the reminder may skip months. Once you have the transactions properly entered, there's a procedure used to cover online activated loans to manual loans that may be followed to reset the loan: https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

The split-transaction should be entered in the payment account:

1. [loan] 1700
2. interest 700
3. [loan]
4. [escrow] 600

The loan should have negative balance and payment transfers reduce the amount owed.

Iskinner

Sherlock,

I attempted to make the split go as you suggested, it did not work.
[loan] 1700
interest 700
[loan escrow] 600

The issue I believe is that there is no payment account for these transactions. I am attempting to enter historical loan payments going back to the first payment on the loan from 2/1/2017. My payment account (main checking) only has transactions dating back to 5/24/2019. If I were to make transactions for the loan from that account before the checking account's opening balance date it is going to screw up my balances and reconciliations.

I am attempting to just enter the historical transactions in the loan account with no payment account. Is there a way to do so? I tried to make the principal refer to the loan itself with a [loan] entry in the split, but this did not apply the principal as a decrease of the loan, it still calculated it as a increase of the loan.

Sherlock

Iskinner said:

Sherlock,

I attempted to make the split go as you suggested, it did not work.
[loan] 1700
interest 700
[loan escrow] 600

The issue I believe is that there is no payment account for these transactions. I am attempting to enter historical loan payments going back to the first payment on the loan from 2/1/2017. My payment account (main checking) only has transactions dating back to 5/24/2019. If I were to make transactions for the loan from that account before the checking account's opening balance date it is going to screw up my balances and reconciliations.

I am attempting to just enter the historical transactions in the loan account with no payment account. Is there a way to do so? I tried to make the principal refer to the loan itself with a [loan] entry in the split, but this did not apply the principal as a decrease of the loan, it still calculated it as a increase of the loan.