Reconcile loan with bank

I have a bank account with Bank of America. Quicken will connect to my account and download all of my transactions. I make a monthly loan payment of $102.

Separately, also in Quicken I have my loan. I set this up manually.

How do I 'connect' the payment I make from my B of A account with the loan?

Quicken will auto download my B of A transactions. I see the loan payment there, but if I switch over to loan itself in Quicken, the transaction does not appear. So I thought I would just manually add the payment to the register. For 'Payee' I select the name of the loan. For 'Category' I select Bank of America. I save the transaction here.

Now when I switch back to look at my B of A log, the loan payment is there twice.

I don't expect Quicken to make this automatic but I must be missing something - how do I link the transaction that is auto downloaded from B of A to the Loan in Quicken?
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Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited June 2020
    When we enter a loan payment, we should use the loan's payment reminder or memorized payee.  One way to do this is to open the loan, press Ctrl + Shift + N, and select Enter Loan Payment

    The imported transaction should match the entered loan payment transaction.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited June 2020
    Hi @ec1060,

    You don't need to make that manual transaction - that is the one where - you said:
    So I thought I would just manually add the payment to the register. For 'Payee' I select the name of the loan. For 'Category' I select Bank of America. I save the transaction here.
    So you need to delete that one, because it is why you are seeing the two payments in the BOA bank account register in Quicken.

    What you need to do is assign the "downloaded payment transaction" from the bank to the proper "Category" in Quicken.  I can't tell, from what you say above, where it is going currently, but you need to go to each of those monthly transactions in your BOA account in Quicken and change the "Category" field to [insert the name of the Loan account in Quicken here]. This will cause the downloaded payment transaction to be applied to the loan.

    Let me know if you have any followup questions.

    Frankx 

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