Community Homepage
Discussions
Categories
Quicken for Mac
Quicken Lifehub
Quicken Mobile
Quicken on the Web
Quicken for Windows
Support
Quicken Classic
Quicken Simplifi
Getting Started
Community Training FAQs
Using and Improving the Community
Connect and Engage
Announcements & Alerts
Announcements
Alerts, Online Banking & Known Product Issues
Product Ideas
Beta
Home
Quicken Classic for Windows
Errors and Troubleshooting (Windows)
Mortgage asset and liability accounts not working correctly (edited)
ihammerhands
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
Find more posts tagged with
Loans
Categories
Accounts
Accepted answers
Frankx
Hi again
@hammerhands
.
Okay - Coincidently, I used to have my mortgage with NFCU, so I understand the inability to download from the loan account.
I think you've indicated that the transfers of mortgage payments are apparently currently being posted to your "Home" account (which is - as you say - "an asset account") rather than to the correct accounts/categories.
What you need to do to fix that situation is to edit each transfer transaction and split it between the
principal portion
(which should be posted to the [mortgage loan account] ) and the
interest portion
(which should be posted in the "Category" field as "Interest Expense"). You should be able to determine the breakdown of the
principal
and
interest
amounts from your mortgage amortization schedule provided by the NFCU.
Here's how the entry would look:
Description
Quicken Category Field
Amount
Principal [NFCU Mortgage]* $1,000.00
Interest Interest Expense or IntExp $1,500.00
Escrow [Mortgage Escrow Acct Name] $ 500.00
__________
Total payment/transfer $3,000.00
*use [brackets] in the "Category" field for transfers
Hope this helps. Let me know if you have any followup questions.
Frankx
All comments
Frankx
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
Sherlock
One way to enter a loan payment is to open the loan account, press
Ctrl + Shift + N
, and select
Enter Loan Payment
.
NotACPA
@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?
ihammerhands
> @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
>
@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.
image.png
account set-up.png
Frankx
Hi again
@hammerhands
.
Okay - Coincidently, I used to have my mortgage with NFCU, so I understand the inability to download from the loan account.
I think you've indicated that the transfers of mortgage payments are apparently currently being posted to your "Home" account (which is - as you say - "an asset account") rather than to the correct accounts/categories.
What you need to do to fix that situation is to edit each transfer transaction and split it between the
principal portion
(which should be posted to the [mortgage loan account] ) and the
interest portion
(which should be posted in the "Category" field as "Interest Expense"). You should be able to determine the breakdown of the
principal
and
interest
amounts from your mortgage amortization schedule provided by the NFCU.
Here's how the entry would look:
Description
Quicken Category Field
Amount
Principal [NFCU Mortgage]* $1,000.00
Interest Interest Expense or IntExp $1,500.00
Escrow [Mortgage Escrow Acct Name] $ 500.00
__________
Total payment/transfer $3,000.00
*use [brackets] in the "Category" field for transfers
Hope this helps. Let me know if you have any followup questions.
Frankx
NotACPA
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.
See this for how to convert to a manually managed loan:
https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc
ihammerhands
Seems to be working now.
Thanks to the community for assisting!
Cheers,
Millard
Quick Links
All Categories
Recent Posts
Activity
Unanswered
Best Of
