Help with Auto Loan Payments (Q Mac)Closed
I've setup an auto loan and I have several issues/questions.
(1) My interest rate is 4-digits (3.3912%); however, Quicken appears to limit the interest field to 3-digits (3.391%). Can this be changed?
(2) The payments automatically calculated by Quicken "does not" match my bank's calculation. I assume this is because the difference in interest rates (3.3912% vs 3.391%). Is it possible to adjust the Quicken's scheduled payment to accurately reflect my bank's calculation?
(3) After posting the first scheduled payment, I manually adjusted the transaction (i.e., changed the principle and interest amounts to match my bank's statement). However, the section in the Quicken Payment area (with the pie chart) does not reflected the changes I made. My actual payment breakdown was: (1) principle $257.53 (2) interest $35.29 (3) total $292.82. The Quicken pie-chart shows: (1) principle $265.01 (2) interest $27.53 (3) total $292.54. If I've changed (edited) the posted payment, why is that information not updated in the pie-chart area? See attached image.
(1) My interest rate is 4-digits (3.3912%); however, Quicken appears to limit the interest field to 3-digits (3.391%). Can this be changed?
(2) The payments automatically calculated by Quicken "does not" match my bank's calculation. I assume this is because the difference in interest rates (3.3912% vs 3.391%). Is it possible to adjust the Quicken's scheduled payment to accurately reflect my bank's calculation?
(3) After posting the first scheduled payment, I manually adjusted the transaction (i.e., changed the principle and interest amounts to match my bank's statement). However, the section in the Quicken Payment area (with the pie chart) does not reflected the changes I made. My actual payment breakdown was: (1) principle $257.53 (2) interest $35.29 (3) total $292.82. The Quicken pie-chart shows: (1) principle $265.01 (2) interest $27.53 (3) total $292.54. If I've changed (edited) the posted payment, why is that information not updated in the pie-chart area? See attached image.
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It's Quicken for Mac Deluxe Version 2019 version 5.12.5 (Build 512.29294.100)
Hello Jess8887,
Thank you for including the version.
What you are seeing is working as designed. Any transactions that are entered or edited in the loan screen will not affect the amortization schedule.
The payments remaining and the balance will respond to edits or entries in this screen.
However, the Principal and Interest pie chart goes off the of the payment schedule that is created when the loan terms are entered.
As the schedule is incorrect due to the loan rate, you may want to consider converting this loan into a liability account, this will show as a normal register without the pie graph.
Hope this clarifies!
-Quicken Tyka
Thank you for including the version.
What you are seeing is working as designed. Any transactions that are entered or edited in the loan screen will not affect the amortization schedule.
The payments remaining and the balance will respond to edits or entries in this screen.
However, the Principal and Interest pie chart goes off the of the payment schedule that is created when the loan terms are entered.
As the schedule is incorrect due to the loan rate, you may want to consider converting this loan into a liability account, this will show as a normal register without the pie graph.
Hope this clarifies!
-Quicken Tyka
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This post has been closed.
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Hello Jess8887,
Thank you for including the version.
What you are seeing is working as designed. Any transactions that are entered or edited in the loan screen will not affect the amortization schedule.
The payments remaining and the balance will respond to edits or entries in this screen.
However, the Principal and Interest pie chart goes off the of the payment schedule that is created when the loan terms are entered.
As the schedule is incorrect due to the loan rate, you may want to consider converting this loan into a liability account, this will show as a normal register without the pie graph.
Hope this clarifies!
-Quicken Tyka
Thank you for including the version.
What you are seeing is working as designed. Any transactions that are entered or edited in the loan screen will not affect the amortization schedule.
The payments remaining and the balance will respond to edits or entries in this screen.
However, the Principal and Interest pie chart goes off the of the payment schedule that is created when the loan terms are entered.
As the schedule is incorrect due to the loan rate, you may want to consider converting this loan into a liability account, this will show as a normal register without the pie graph.
Hope this clarifies!
-Quicken Tyka
~~~***~~~
This post has been closed.
Thank you for reaching out to the Community, although I apologize that you have not yet received a response.
What version/release of Quicken are you using? You can find that under Quicken>About Quicken.
If you have not already done so, please review the information outlined here and here. These Support Articles should cover most of the questions/concerns that you have regarding the management of your loan in Quicken.
Hope this helps!
-Quicken Natalie