a split amt in "receiving" account does not match corresponding amt in "originating" account

jimthompson

I read and applied the steps in Jason Heard's "Accounting Tutorial for a Home Purchase and Sale in Quicken with a HUD-1 form [Updated]." I am using the "house" account to enter HUD-1 entries via a split transaction. One of the split amounts (addditional equity that we put into the house) is directed (assigned?) to the "escrow" account. When I open the escrow account, the amount there is different from the amount in the "house" account. In constructing the split transaction in the "house" account, the amount of the overall transaction is the sale price of the house. The split amounts in this transaction correspond to each of the entries in the HUD 1. As I added split items in the transaction, a "remainder" was shown after each transaction representing the sale price minus the item. After entering all of the HUD-1 items except the additional equity amount, the remainder was in fact exactly the additional equity amount. I then assigned this amount to the category "escrow account." When I open the escrow account, the amount shown there does not match the amount (additional equity) in the "house" account! How is this possible?

Tom Young

I couldn't see the complete "Account" names in your pictures so, I suppose, one reason for the difference could be you have more than one entry to the escrow Account, though I couldn't get figure out a combination of entries that made up the difference.

I suppose there might be a "maximum" number of splits that's allowed, (that's pure speculation), so I might suggest taking a copy of your file, deleting the entry and then make the entry again, starting with some "reasonable" number of splits - 5?, 6?, 7? - and then transferring the remainder to the escrow Account, and see if that transfer works.  If it does then delete the transfer, enter some more of you split amounts, and transfer the remainder again, checking to see the "from" amount and the "to" amount agree.  Maybe at some point you'd hit that "maximum" where the transfer went bad.

I have no better answer; at this point I'm just thrashing around, hoping to find something that will work.

Tom Young

What version and release of Quicken are you using?

From time to time Quicken has had problems with transfers, (that's Quicken-speak when an entry in one Account is offset by a different Account).  Have you closed Quicken and then opened Quicken again to see if that fixes things?  Or even re-boot the computer to try and shake things loose.

What you're describing shouldn't be the case.

UKR

Sometimes a picture is worth a thousand words …
Can you please capture one or more images of the parts of your Quicken window showing the issue, sensitive information blacked out as necessary to protect your privacy but annotated to describe the situation, and attach the image(s) here?
The Windows Snipping Tool (available with Windows 7 and up) can be used to capture a partial screen image and save it to a file.  Microsoft Paint can be used to annotate the image.
https://support.microsoft.com/en-us/help/13776/windows-use-snipping-tool-to-capture-screenshots
To take a screenshot in Mac please see https://support.apple.com/en-us/HT201361
Please create image files of type PNG, JPG or GIF only.
To attach the image here, start composing your reply in the "Type your comment" box at the bottom of this webpage. Drag and drop the image or, at the top of the text entry window you'll see a row of icons beginning with B I S
Click the "Attach image" icon (the one that looks like a tiny landscape with mountain and sun). It will allow you to select and upload the captured image file(s) from your computer. The captured image(s) will be inserted at wherever the cursor is located in the text.

jimthompson

For Tom: Thanks for reaching out. I'm running Quicken Rental Property Manager 2017, version R19.7, build 26.1.19.7. I have tried all of the things you suggest, but none has corrected the issue.

For UKR: Thank you also for reaching out. I will try to send you the relevant images.

jimthompson

Hi UKR. My "Type your comment" box only has a smiley face icon above it. I don't see a row of icons or an "attach your image" icon. I tried dragging and dropping one of the images that I made with the Snip and Sketch app into the comment box, but instead of appearing as an image in the comment box, it merely displayed as a file name in a grayed-out box below the comment box. So I don't know if any of this will help. The "purchase home transaction" image shows the "house" account, which I created with an initial value of $0.00. The split transaction of $535,000.00, consisting of the 3 "split" images, show the details of the purchase of the house as transcribed from the HUD-1 equivalent document provided by the settlement attorney. The "mortgage escrow account" shows the entries that "link" from the home purchase split transaction.

A few additional details: this property is a rental property acquired through a 1031 exchange of another rental property. Another issue that may or may not be related to the subject at hand: both the "house" account and the "escrow" account are assigned the category "Rental Property Asset" in the Accounts List. However, the liability ("mortgage") account somehow got assigned to the category "Personal Liability," even though in the mortgage account details I linked this account with the "house" account. When I first created the mortgage account, Quicken "found" my lender and initiated the account with the loan balance of $300,000. But using Jason Heard's procedure, I needed the account to be created with a balance of $0.00, so that I could "link" to the loan amount that appears in the house purchase split transaction. So I think I deleted the mortgage account and started over, but I think that, before selecting to do a manual account creation, I entered the name of the lender when prompted by Quicken, so maybe that created some kind of a disconnect.

Thanks for your help!

Tom Young

I couldn't see the complete "Account" names in your pictures so, I suppose, one reason for the difference could be you have more than one entry to the escrow Account, though I couldn't get figure out a combination of entries that made up the difference.

I suppose there might be a "maximum" number of splits that's allowed, (that's pure speculation), so I might suggest taking a copy of your file, deleting the entry and then make the entry again, starting with some "reasonable" number of splits - 5?, 6?, 7? - and then transferring the remainder to the escrow Account, and see if that transfer works.  If it does then delete the transfer, enter some more of you split amounts, and transfer the remainder again, checking to see the "from" amount and the "to" amount agree.  Maybe at some point you'd hit that "maximum" where the transfer went bad.

I have no better answer; at this point I'm just thrashing around, hoping to find something that will work.