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Link car loan to online bank transaction

I have an Auto loan from Ally bank. Since it's not possible to link to ally.com for auto loans, I went ahead and manually set up this loan in Quicken. It appears under the Property & Debt section on the left.

Every month I transfer the exact amount from my checking account to Ally to make the car payment.

Since Quicken in linked to my checking account, this monthly payment automatically gets downloaded as a transaction in my checking account register.

So now, how do I tell Quicken that the transaction is the loan payment?

If I click on the Bills & Income tab I see the car payment under Bills and it shows all of the car payment bills as 'past due'. If I click the Enter button it brings up a window where I can enter an expense transaction.

I do that, and now the Bills page no longer says OVERDUE.
But now the transaction appears twice in the checking account register - once because it was downloaded from my bank, and again because I just manually created the payment.

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Your car loan payment consists of 2 pieces: principal reduction and Interest.
    The Principal reduction is recorded as a transfer (of that amount) from your checking account to the loan account
    The interest is recorded using an Interest category that you create.
    Both pieces are part of a SPLIT transaction in your checking account.
    When you download from Ally, ONLY the total amount of the payment (consisting of the 2 split lines) will be matched.  There's no provision in the OFX/QFX download specs for depicting the split amoujnts.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ec1060
    ec1060 Member ✭✭
    So there's no way for me to manually match up the total payment amount (i.e. the single checking account transaction) with the split loan bill (principal and interest)?

    Is there at least a way to tell Quicken "ok this loan payment has been made" so it stops showing as Overdue?
  • UKR
    UKR SuperUser ✭✭✭✭✭
    During loan setup, a Scheduled Payment Reminder was (should) also have been created.
    Every month, before the due date, execute this scheduled reminder in your Checking account. This will give you a transaction for the full payment amount, including splits to transfer principal amount to your loan account register in Quicken and it also records the amount of interest paid.
    When you download transactions from the bank on or after due date, the downloaded transaction in your checking account should merge with the already existing payment transaction from the scheduled reminder and not cause any duplicates or other problems.
    Executing the reminder should also get rid of the overdue nag message.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    ec1060 said:
    So there's no way for me to manually match up the total payment amount (i.e. the single checking account transaction) with the split loan bill (principal and interest)?
    Re-read the 4th paragraph of my prior response.  The TOTAL payment will be matched as a download from your checking account.

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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