In QWD2020, How Do I Get "Projected Balances" to properly work with Mortgages?

TXShooter

Talk about seriously busting my bubble... there I was, happily planning all of my budgets for the next 30 years, making adjustments to incomes for retirements, extra payments to the mortgage and loans to get them paid off quicker, and making transfers into savings accounts for vacations and cars and stuff... all the while thinking I was going to be alright - BECAUSE THE FLIPPIN' PROJECTED BALANCES SAID I WAS GOING TO BE!!

Sadly, the Projected Balances are not taking into proper account the Mortgage P&I. It lists the transaction in the Checking Account that I'm solely projecting, but the math shows that it is not taking out the P&I from the Closing Balance, only the Escrow.

Case in point (This is an excerpt from just one whole day):

10/9/2020 Closing Balance: 5152.64

10/10/2020 Water Bill: -80.00

10/10/2020 Hospital Bill: -69.45

10/10/2020 Mortgage Pmt: -846.39

10/10/2020 Closing Balance 4775.15

The mortgage payment is:

Principal [Loan]: 414.45

Interest: 203.90

[Escrow]: 228.04

So the reality of what's going on here is:

10/9/2020 Closing Balance: 5152.64

10/10/2020 Water Bill: -80.00

10/10/2020 Hospital Bill: -69.45

10/10/2020 Escrow: -228.04

10/10/2020 Closing Balance: 4775.15

Sooooooooo..... How do I get this to properly work? Lemme restate the question: How do I get ALL of QWD2020 to work properly (The mortgage payments and transfers, and the projected balances)?

I'm facing a decision to refinance our mortgage, and until this flaw in math showed its ugly head, I was thinking that all of my future goals were not only 100% attainable, but other wild goals were too! (WOOHOO!! Vacations in the Caymans every year? What! WHAT?!) I'm wanting to project to 2040 and 2050 for long term payment plans and savings goals. I can only project Reminders within the Checking Account registrar for the next year.

Sherlock

TXShooter said:

@Sherlock, I think you may be right.

What I tried, and so far seems to have worked, was to:

1. Go back to the Mortgage Loan | Payment Detail | Edit Payment Detail | Payment Options
2. Selected "Memorized Payee" instead of "Loan Reminder"
   
3. Then I went back into the "Bill and Income Reminders",
4. Re-added the Bill Reminder back in by selecting the memorized payee
5. Cleared all of the categories and transfers in the split
6. Re-added in two transfers, one to the [Loan] and the other to [Escrow Account].
   
7. I went back to the Mortgage Loan | Payment Detail and confirmed that the Payment Schedule was accurate.
8. THEN I went back to the Projected Balances and looked over the next year comparing the Balances between it and the Checking Account. All except one tiny transaction were spot on; the Projected Balance did not see the $0.02 difference in the last payment of a signature loan, which was also created using the Loan Wizard's - Payment Reminder setup.

I think there's a bug in the Projected Balances when it sees anything created in the Loan Creation Wizard and it using the  "Loan Payment Options"; the "Loan Reminder" option seems to be where the bug is associated.

When you need to edit the split in the loan's payment reminder or memorized payee, I suggest you open the loan account, select edit below MONTHLY PAYMENT, and Edit to the left of the Other amount.

Sherlock

I suspect the loan's payment reminder has been corrupted.  One way to correct the loan's payment reminder is to recreate the loan account.  I suggest following the guidance provided in: https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

Unknown

This content has been removed.

Sherlock

TXShooter said:

@Sherlock, I think you may be right.

What I tried, and so far seems to have worked, was to:

1. Go back to the Mortgage Loan | Payment Detail | Edit Payment Detail | Payment Options
2. Selected "Memorized Payee" instead of "Loan Reminder"
   
3. Then I went back into the "Bill and Income Reminders",
4. Re-added the Bill Reminder back in by selecting the memorized payee
5. Cleared all of the categories and transfers in the split
6. Re-added in two transfers, one to the [Loan] and the other to [Escrow Account].
   
7. I went back to the Mortgage Loan | Payment Detail and confirmed that the Payment Schedule was accurate.
8. THEN I went back to the Projected Balances and looked over the next year comparing the Balances between it and the Checking Account. All except one tiny transaction were spot on; the Projected Balance did not see the $0.02 difference in the last payment of a signature loan, which was also created using the Loan Wizard's - Payment Reminder setup.

I think there's a bug in the Projected Balances when it sees anything created in the Loan Creation Wizard and it using the  "Loan Payment Options"; the "Loan Reminder" option seems to be where the bug is associated.

When you need to edit the split in the loan's payment reminder or memorized payee, I suggest you open the loan account, select edit below MONTHLY PAYMENT, and Edit to the left of the Other amount.