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HOW DO YOU PAY OFF A LOAN MORE THAN 1 BILLING CYCLE AWAY?? [edited]

TXShooter
TXShooter Member ✭✭✭
How do you pay off a signature loan with a transfer more than 1 billing cycle away from today, AND make it show that it's paid off in the Projected Balances? Better yet, how do you just pay off a loan earlier than planned??

I tried making a transfer in the amount that would be due 6 weeks from now, taking into account the principal paid next month. I then tried to Update the Balance to zero the day following that transfer, and it still shows that I have 32 payments left. This is so frustrating!

How is it that an intuitive thing like Paying Off A Loan Early can be so illusive in a budgeting software??

FEATURE REQUEST: "Button: 'Pay Off This Loan Early' - Please enter the date and we'll show you an amount to pay by then." Seems simple enough.

Best Answer

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Normally, to pay off a loan, we may open the loan account, press Ctrl + Shift + T, enter the remaining amount of the loan, set the date, the From account to payment account, the To account to the loan account, and select OK.

    When we're planning to pay off a loan more than one billing cycle away, we need to enter the missing payment transactions in the registers for Quicken to recognize the loan will be paid off.
  • TXShooter
    TXShooter Member ✭✭✭
    @Sherlock,
    I entered two months of payments reminders, then I tried your shortcut transfer. It makes the transfer, but it won't zero out the remaining payments. This is the same thing that I tried by making a transfer from the checking account into this loan account. What's going wrong here?

    Note: This loan has an unusual amortization for the principal and interest.
    Also Note: For some unknown and most likely never gonna get fixed problem, I now have to download QFX Files from the bank and import them, so what you're seeing is what was downloaded (this is what both my bank and Quicken support told me to start doing).
  • TXShooter
    TXShooter Member ✭✭✭
    UKR said:
    Is there a Scheduled Reminder in effect for the remaining planned payment transactions?
    If you paid off the loan, you need to delete the Scheduled Reminder.
    (I mean, that's the way it works in Quicken for Windows. I'm not a Mac user ...)

    DOH! That was it. I forgot that the reminders on this were manual because of the odd P&I problem.

    That fixed it.

    Thank you and @Sherlock for the help.
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