automatic mortgage loan categories in quicken mac 2020?

q97_fugee

Hi All

as my username indicates i am a quicken 97 user for mac that recently upgraded to quicken 2020 for mac. i imported my Q97 file without too many problems and have mostly gotten used to the new style of Q2020.

one problem i'm having is that i can't figure out how a mortgage loan is supposed to work in Q2020. on Q97 i would just open the loan and apply the payment to the ledger of the payment account, which would make the proper split between principal and interest, creating a transfer for the principal amount into the loan itself. if i had auto-downloaded the payment transaction from my bank, i would just delete it.

on q2020 i get the payment transaction from my checking account auto-downloaded and the split is never automatically generated. i can't find any way to just apply the next payment from the loan the way Q97 allowed. i have to look at the amortization table and manually make the split.

i wonder if the lack of auto-categorization has to do with the mortgage being ported over from Q97 rather than being set up from scratch in quicken2020. also one thing that seems to be messed up is that the loan looks to be off by one month in the payment table that Q2020 generates.

note that i don't pay the mortgage thru quicken (it's done automatically at my bank) and the mortgage account itself is not set to auto-download from my bank. only the checking account which pays the mortgage is set for auto-download. is it necessary to have 2 auto downloaded transactions in the two accounts in order for Q2020 to automatically generate the split with the interest? or is there some other problem, or is this just how it works?

thanks!

John_M

Click on your mortgage. Then click on "Edit Loan and Payment Terms" just below the name of your mortgage. From there, you can check the details to try to figure out why it's off one month.

After you've done that, click on the button at the top that says "Bill Reminder." Choose the account you're paying the mortgage from and click Reminder Type "Detailed Reminder." This will create a bill reminder in your checking account with the split allocated between P&I. The transaction in your checking account will be matched every month when your mortgage is paid.

Note that I always look at my mortgage statement each month to ensure that the split between P&I is correct. If it's off, just adjust the split from the checking account transaction.

John_M

Click on your mortgage. Then click on "Edit Loan and Payment Terms" just below the name of your mortgage. From there, you can check the details to try to figure out why it's off one month.

After you've done that, click on the button at the top that says "Bill Reminder." Choose the account you're paying the mortgage from and click Reminder Type "Detailed Reminder." This will create a bill reminder in your checking account with the split allocated between P&I. The transaction in your checking account will be matched every month when your mortgage is paid.

Note that I always look at my mortgage statement each month to ensure that the split between P&I is correct. If it's off, just adjust the split from the checking account transaction.

q97_fugee

thank you, @John_M. it seems that when any transaction hits the loan the next payment date is incremented. i've had to reset it a couple of times. however i think the actual payment might still be off by a month, meaning even if the month of the next payment is correct, the P/I values are a month behind.

i will try the bill reminder thing, hopefully that solves it!

q97_fugee

OK - thanks @John_M, this worked perfectly - the transaction was downloaded and auto-matched. now i have to make sure the amortization schedule is correct.