Mortgage asset and liability accounts not working correctly (edited)

ihammerhands
ihammerhands Quicken Windows Subscription Member ✭✭
Year: 2020
Version: R26.23
Build: 27.1.26.23
Membership valid until: 06/09/2021

I've setup my home mortgage asset and liability accounts (no automatic download available) but the payment (single combined, not split yet) transferred from my savings account goes into the asset account as an increase. There is no option to transfer the money into the libality account. What am I missing?
Cheers,
Millard

Best Answer

Answers

  • Frankx
    Frankx Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Hi @ihammerhands,

    How is the mortgage payment - which you indicate is being "transferred from" your savings account getting into Quicken - is it through a download from your bank?

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    One way to enter a loan payment is to open the loan account, press Ctrl + Shift + N, and select Enter Loan Payment.
  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Please clarify this statement: "I've setup my home mortgage asset and liability accounts"
    The Home is an asset account.  If you have an Escrow account associated with the mortgage, that's also an asset account.
    ONLY the mortgage loan itself is a liability. And it should start with a large INCREASE transaction, which will set the Balance field NEGATIVE (i.e., Red) in the same amount.
    Is this how you have things set up?


    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • ihammerhands
    ihammerhands Quicken Windows Subscription Member ✭✭
    > @Frankx said:
    > Hi @ihammerhands,
    >
    > How is the mortgage payment - which you indicate is being "transferred from" your savings account getting into Quicken - is it through a download from your bank?
    >
    > Frankx

    Download is automatic from bank savings. There is no automatic download from the NFCU mortgage. Quicken transfers the payment from the savings account to the liability mortgage account.
  • ihammerhands
    ihammerhands Quicken Windows Subscription Member ✭✭
    > @NotACPA said:
    > @ihammerhands Please clarify this statement: "I've setup my home mortgage asset and liability accounts"The Home is an asset account.  If you have an Escrow account associated with the mortgage, that's also an asset account.ONLY the mortgage loan itself is a liability. And it should start with a large INCREASE transaction, which will set the Balance field NEGATIVE (i.e., Red) in the same amount.Is this how you have things set up?

    The initial increase transaction did not create a negative balance. See the attached two images.
  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    It appears that your 1st graphic was taken from the HOUSE asset account, rather than the Mortgage account.
    And your 2nd graphic shows that the mortgage loan IS set up for download (Express Web Connect) which is why you can't view the loan register.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • ihammerhands
    ihammerhands Quicken Windows Subscription Member ✭✭
    Seems to be working now.
    Thanks to the community for assisting!
    Cheers,
    Millard
This discussion has been closed.