Balance Adjustments on Downloaded Accounts ( I am on Mac)

James Young

On my loan/mortgage accounts Quicken is recording "almost monthly balance adjustments which are incorrectly impacting my account balances. When I reconcile to the on-line balance I am off by the exact amount of the balance adjustments. Three questions
1. Why is this happening?
2. How do I prevent
3. Should I just delete all of these balance adjustments?

Quicken_Tyka

Hello @James Young

Thank you for taking the time to visit the Community to post your issue, although I apologize that you haven't received a response.

I have a few questions to help me understand what could be happening.

When do these balance adjustments appear? Is it after updating transactions online?

What is the name of the financial institution that this loan is held at?

Please let me know!

-Quicken Tyka

James Young

Thanks for the reply,

It appears these happen most times when I update after a payment is made. This is occurring in three accounts all of which are mortgages. Two of the accounts are with Chase Mortgage the other is with Nationstar/Mr. Cooper.

Thank you for your assistance

John_M

Is the amount of the balance adjustment anything that is consistent or identifiable? Is it equal to some value such as your interest payment or escrow amount?

James Young

No its random. I thought it may be just timing differences between when I record the transfer (with checking entry) however the amounts are random and as stated earlier the net adjustment skews the balance.

Quicken Sarah

Hello @James Young

Thank you for providing that additional information, although I apologize that you have not yet received a follow-up response.

If you are still experiencing this behavior I would recommend contacting Quicken Support.  Quicken Support has the ability to share your screen to see what is happening and help troubleshoot the issue in real time.

Please let us know how it goes with Support, thank you.

Sarah

smayer97

What version of QMac are you using?

James Young

Version 5.15.1 Mac OS 10.13.6

smayer97

In that version, the function to reconcile loans/mortgage account registers was removed several versions back. So what type of account are you using for your loan/mortgage?

James Young

I am using the mortgage account designation in Quicken and just attempting to reconcile manually with a spreadsheet

John_M

I still don't understand how large or small these differences are. Is it simply a difference in how Quicken is amortizing your loan vs. how your bank is amortizing it? By amortization, I am referring to the split between principal and interest. If the differences are small, this is likely the case.

It is for this very reason that I do not download transactions from my loan accounts (but I do download the payments from my checking account). As @smayer97 says above, there is no function to reconcile loans anymore, so I don't see the point in downloading transactions into loan accounts.

Actually, the P&I split is spot on with my mortgage, but my car loan is always off. So after a payment has processed, I look at the remaining balance of the loan and make any adjustments to it from the originating transaction. In other words, I go into my checking account and adjust the split between principal and interest there. This fixes the balance in the loan account.

Depending on how many months you're talking about, you may want to go through your old statements to see if the split between P&I has been correct all along. If it has, there should be no need for adjustments.

James Young

Thanks for the reply John. I did go back and verify all the entires coincided with the Payments on the mortgage statements which is why it is bizarre there are adjustments.

I could never get the auto recording of monthly payments by entering the loan terms to book the entries correctly so I manually split from the checking account entry.

You make a good point about disengaging the auto download for mortgage accounts.