Loan Refinance Categorizations Payoff Incorrect

I have gone through the exact guide for tracking my refinancing of my mortgage in Quicken. When completed the transfer of the payoff amount from the new loan to the old loan liability account is showing up as income in reporting. Of course this is incorrect.

Why is this happening and how do I fix it?

Best Answer

  • stade
    stade Member
    Accepted Answer
    The report doesn't have the setting to eliminate transfers. However, I did discover that the new loan account was not being picked up in the report. Picking up the new loan fixed the report I assume by offsetting against income. This fixed it, but it is still an error in logic / accounting for income to be considered when making an entry between liability accounts.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Simply customize whatever report you're looking at to not include transfers between Accounts.  That certainly will fix it.
  • stade
    stade Member
    Accepted Answer
    The report doesn't have the setting to eliminate transfers. However, I did discover that the new loan account was not being picked up in the report. Picking up the new loan fixed the report I assume by offsetting against income. This fixed it, but it is still an error in logic / accounting for income to be considered when making an entry between liability accounts.
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