Can't get mortgage principal balance to update

mauldin006

I pay the mortgage through an ACH transfer initiated by the mortgage company. That transaction shows up in my bank account. I'm trying to apply the principal portion to the quicken mortgage account. I don't find an account like I would expect like [MyMortgateCompanyAccount]. The only other option is Loan Payment, but that does not update the principal amount in the mortgage account. What am I doing wrong?

NotACPA

"Okay, I think what is happening is that you need to record the mortgage payment through the mortgage account first and then match it to the ACH downloaded transaction from your bank.  "

NO, NO NO!

Don't download into your mortgage account.  Setting up such will remove ALL ability that you'd otherwise have to manage the account.

Instead, use's Q's Loan Wizard with a "Manual Loan Account" to keep track of the principal/interest split and any escrow payments.

Then, download from your checking account into Q and let that side of the transaction match.  You can double check the loan side when you get your monthly statement.

Frankx

Hi @mauldin006,

Is this a new mortgage loan? Has the mortgage loan been set-up in Quicken? Which versions of both Quicken and Windows are you currently using?

Frankx

mauldin006

Quicken 2020 R25.21. Windows 10 Pro Version 1909. This is a new loan. The loan is set up in quicken and linked to the home asset. This is the first payment on the mortgage.

Last mortgage I had ended in 2014. I was using quicken then and I remember the process as being dead simple, so I don't know what's going on here.

Frankx

Hi @mauldin006,

Okay, I think what is happening is that you need to record the mortgage payment through the mortgage account first and then match it to the ACH downloaded transaction from your bank. 

Your last mortgage was likely set-up manually in Q, and you were probably doing the allocations of principal & interest manually. So you could have entered the transaction through either your bank account or the mortgage account.  Because Q now does the loan amortization (i.e. the allocation of principal & interest) for you, you should look for a "Bill & Income Reminder" for the mortgage payment as follows:

1) Click on "Bills" > "Bill Reminders" > then click on the reminder for the mortgage (will have the bank's name) and click enter;
2) In the pop-up just make sure the "Date" field has the same date as the ACH payment from your bank > hit "Enter Transaction";
3) If you had already entered a payment transaction in your bank account for this payment - go to the bank register and delete that manual entry;
4) In this same register mark the new mortgage transaction as "cleared".

Let me know if you have any follow-up questions.

Frankx

mauldin006

Thank you. I did that, and it created an entry in the bank account with a category of Loan Payment, but the principal amount on the mortgage account remains unchanged. It's as if "Loan Payment" is not the correct category, but I can't find a better one.

NotACPA

"Okay, I think what is happening is that you need to record the mortgage payment through the mortgage account first and then match it to the ACH downloaded transaction from your bank.  "

NO, NO NO!

Don't download into your mortgage account.  Setting up such will remove ALL ability that you'd otherwise have to manage the account.

Instead, use's Q's Loan Wizard with a "Manual Loan Account" to keep track of the principal/interest split and any escrow payments.

Then, download from your checking account into Q and let that side of the transaction match.  You can double check the loan side when you get your monthly statement.

mauldin006

@NotACPA - thanks, that works.