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Auto loan payments not posting to payment details

I have several auto loans in Quicken. For one of them, the payments have not been attributed to the loan. When I look at payment details, none of the payments are there, even though I have been making payments for several years. My other auto loans work fine.
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Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited June 2020
    In your checking account, can you take a snapshot of one of the payments that is NOT posting in your loan ... and post it here (as a JPG) using the "paper with a folded corner" icon, above.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • aarts
    aarts Member ✭✭
    Sure, here you go. BTW, NONE of the payments are posting to the loan.
    1.jpg 131.3K
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    The transaction you provided implies you may have set up online-activated loan.  If so, I suggest that you convert the online loan to a manual loan.  If you haven't already, you may want to review: https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc  


  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    The first, highlighted, line of your split transaction is to an expense account ... NOT a transfer to the loan account.
    SO, I agree with @Sherlock that it looks like you've setup this loan for download.
    Are you NOT downloading into it?  because, if you are, then why is the downloaded transaction not reducing the principal>?
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • aarts
    aarts Member ✭✭
    To NotACPA: Thanks for your response. I am not downloading any loan data. I'm only using Quicken to track my loan.
  • aarts
    aarts Member ✭✭
    Ok, so I deleted the car and the loan account from Quicken and put it back in from scratch. When I connect to my bank, Quicken connects but says that it could not find a loan at that financial institution. If I connect directly to my financial institution, there is definitely a loan there. I have tried this several times now and still get the same message. Any ideas?
  • UKR
    UKR SuperUser ✭✭✭✭✭

    Since you're attempting to set up a loan account, create a "manual" loan account that is not connected to the bank for downloading. When you start the Add Account process select the account type and on the next screen click the "manual loan account" (or "Advanced Setup") text link at the bottom of the screen. Perform the loan setup as of the next payment due and set up to use a Scheduled Reminder for the monthly payment from your Checking account. It will correctly transfer the amount of principal (and optional additional principal) from Checking to your loan account register in Quicken.

    Does the monthly payment include "Escrow Withholdings" (taxes, insurance) withheld and paid for by the mortgage company? If so, before you begin to set up the loan, set up an "Escrow" account (as an Asset type account), so that the Scheduled Reminder can include the escrow amount as transfer to the Escrow account register.

    Now all you have to worry about is to make the monthly payment on time. I recommend authorizing the mortgage company to withdraw payment plus escrow automatically from your checking account every month, on the Due Date.


  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    @UKR, I've NEVER heard of an auto loan having an Escrow account ... have you?
    @aarts, we thought that you'd set up this loan for download because what you have shown in the payment split is, typically, what the payment looks like for a downloadable loan.
    AND, the reason why the loan balance isn't reducing is because your "Loan Payment: Prinicpal" is a CATEGORY ... not a transfer to the loan account (which would reduce the principal).
    Also,  unless you DO have Escrow account(s) with these loans (or some other extraordinary payment) you only need the Principal transfer line, and the Interest Expense line, in your payment split.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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