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Mortgage Account shows incorrect entries

I recently changed my payment schedule for my mortgage to twice monthly and now Quicken has incorrect entries for payments and has been reducing the principle by these amounts. I cannot find where to delete the entries that do not exist. I have a screenshot and can share of the invalid principle entries. The invalid entries do not show up in any account in my account register. Please help.

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Did you also change the info in the Q loan account?
    BUT, more importantly, WHAT does your lender do with that 1st payment of the month?
    Do they actually post it to your account, thus reducing your principal owed and thus reducing the interest due with the 2nd payment of the month?
    OR, do they sit on it, thus receiving interest for themselves on your payment, and then post both transactions when they receive the 2nd payment?
    MANY lenders "sit on it", making the "twice a month" payment a great benefit to them ... and no benefit whatsoever to you.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • aaron_dean80
    aaron_dean80 Member ✭✭
    Yes I changed the information in Quicken and I mis-typed before, its not twice monthly it's bi-weekly. Therefore I make an extra payment a year. Yes my financial institution "sits on" the payment until the monthly payment is due. There is still benefit to this method due to the extra payment. This is completely off subject however. Quicken is still doing something it should not be doing; it's applying a phantom amount of money to the principle from nowhere. I do not download any information from the financial institution where my mortgage is held and instead apply the principle from the transaction downloaded from my checking account's financial institution. This has worked fine for 5 years of monthly payments, I change to bi-weekly and Quicken doesn't act correctly. The more I look at it the more I think there is a bug in this and I need to just go back to a monthly payment setup in Quicken and adjust the principle, interest, and escrow when the mortgage statement comes in. How can I delete these phantom amounts of money if Quicken does not show the ledger for loan type accounts?
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