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Mortgage asset and liability accounts not working correctly (edited)

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

  • FrankxFrankx 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 H&B-Subscription - Ver. R26.23 - Build 27.1.26.23  - Windows 10 Home - Ver. 1909
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Like" (below), so others will know! Thank you.  -
  • SherlockSherlock SuperUser ✭✭✭✭✭
    One way to enter a loan payment is to open the loan account, press Ctrl + Shift + N, and select Enter Loan Payment.
    Quicken user since 1997
    Premier on Windows 10
  • NotACPANotACPA 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 DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ihammerhandsihammerhands 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.
  • ihammerhandsihammerhands 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.
  • NotACPANotACPA 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 DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ihammerhandsihammerhands Member ✭✭
    Seems to be working now.
    Thanks to the community for assisting!
    Cheers,
    Millard
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