New mortgage account can not be linked to bill pay/payment

I created a new mortgage account (after refi) and tied it to existing property and set up bill pay reminder. The bill pay reminder created new "loan payment" category for tracking principal/interest payments. I am unable to change the category to the new mortgage account, in order to ensure that principal payments are registered/reflected into the new mortgage account. Any idea how to resolve this? BTW, previously I was able to select the new mortgage account in the category list. But new loan/mortgage account doesn't show up in the category list.

Best Answer

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    " I am unable to change the category to the new mortgage account, in order to ensure that principal payments are registered/reflected into the new mortgage account."
    Sounds to me like you set up the new mortgage as one where you're able to download information from the lending institution directly into the new mortgage Account.  Try instead setting up the new loan Account as a "manual" loan.  That gives you access to the loan's payment register and you can properly split payments between principal and interest.  Quicken's loan "wizard" can do this for you and create reminders.

Answers

  • Mark1104
    Mark1104 Member ✭✭✭✭
    click CNTL-J to open up the bill reminder.  click on the transaction and then at the top of the screen click 'edit'. in the middle of the screen there should be  a section tcalled 'details' and then in the gray box, there is a 'category' section, you can 'split' the transaction between the loan account for the principle and the expense category for the interest

    does that help? 
  • Mark, I am afraid it didn't. I know all the steps for changing account category or creating new one. The problem I am having is that Quicken is not giving me the option to select the new mortgage account I created. The new mortgage account does not show up in the category and can not be linked to for payments. Previously, I was able to do that.
  • Mark1104
    Mark1104 Member ✭✭✭✭
    the only other ideas I have is a) do a 'validate and repair' on the file or b) ensure that the account is not accidentally "hidden"... no reason you should not be able to link it.. what version of Quicken are you using? 
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    " I am unable to change the category to the new mortgage account, in order to ensure that principal payments are registered/reflected into the new mortgage account."
    Sounds to me like you set up the new mortgage as one where you're able to download information from the lending institution directly into the new mortgage Account.  Try instead setting up the new loan Account as a "manual" loan.  That gives you access to the loan's payment register and you can properly split payments between principal and interest.  Quicken's loan "wizard" can do this for you and create reminders.
  • That was it Tom. I had set up the new mortgage account linked to the web site. Even though I went back and deactivated the link to allow me to see the account in the category, it didn't work. But deleting the account and creating it with manual entry, did fix the issue. Thanks!
  • Hey Mark...thank you for your comments and suggestions. The issue is fixed now. I had to set up the new mortgage account with manual entry for transactions in order to see it in my category for linking the payments to it. It was originally set up as linked account to the lenders web site. Therefore I was not able to manually link my payments to it.
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