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Debt Account Link etc

I seem to have so many questions about paying a mortgage on a rental property and splitting the payment into part principle and part interest. And can that principle payment be linked to a debt (mortgage) account to pay the balance down?

Anyone with a tutorial, a step by step or maybe a video to watch to help me through this? Thank you

Also, does Quicken have an amortization table abilities with early payment adjustment?

Best Answer

Answers

  • SycOpsSycOps Member
    Thank you so very much. The instructions are also great except step 1 is to hit Ctrl+Shift+H to open the loan menu. I keep doing that and nothing is happening. I will just need to find where to initiate that process without the shortcut keys. Thank you again.
  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    " I will just need to find where to initiate that process without the shortcut keys."
    It's Tools > Add Account... > Loan
    I wouldn't suggest "linking" this loan to the financial institution - if the financial institution offers that service - because you lose any ability to affect the loan's register in Quicken by going that route.  Instead, click the link "manual loan account" that's down at the bottom of the "Add Loan Account" window that comes up.  That launches the "wizard."
  • SycOpsSycOps Member
    PERFECT! thank you so much. I have it figured out and it is making sense. I just can't seem to figure out why the Tag box in the wizard process is disabled.

    I am adding multiple rental properties and I thought the tag system was helpful in that area. Nevertheless, thank you so much for the help so far.
  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    If you are using the "HOME & BUSINESS" product I can't help you there since I don't use that version.  My impression however was that the "Tag" field probably is used by HOME & BUSINESS to associate activity with a particular rental property.
    When you set up the loan did you "link" that loan with the associated rental asset?  If so, perhaps that has something to do with what you're experiencing. 
    If it turns out to be an issue for you I'd suggest you start a new post asking about that.  There are some SuperUsers that do use the H&B product.
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