New Vehicle to Add

Question

I bought and financed a vehicle in July, 2019. I haven't added it to Quicken yet because in the past I have never had it work out to where the principal/interest calculations that Quicken figures matches the bank's amortization schedule. Plus I want to do it right and link the asset and liability accounts. I have followed the guide in the past but it has been a while. What is the best resource to follow for setting this up?

UKR · Accepted Answer

It's been my experience that Auto loans never calculate 100% correctly because the banks calculate interest different from regular 30 year mortgages. So, the monthly payment will always be a few cents off, both on principal and on interest. And, if the monthly loan statement from the bank shows a higher principal amount than what Quicken has calculated, record this as "additional principal".
Yes, you will have to make monthly edits on the amounts in the Split dialog of the monthly payment in your Checking account, but in the end, you should be right on target, +/- a dollar or so.