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How to record extra principle payments

Forgive me for the simple question. I am really new to this
I have three accounts
Acct A: Under the Banking tab: Banking Acct: MyBussiness,LLC
Acct B: Under the Rental Property tab : 123 Main St
Acct C: Under the Property & Debt tab: A manually entered Mrg. loan linked to [123 Main St]
If I make an extra payment during the month to the mortgage from the MyBusiness,LLC.
How would I record that payment in Acct B AND C?
and will the stats in Acct C reflect that extra payment to show the change in future principle vs. interest ratio?
Thank you so much
I have three accounts
Acct A: Under the Banking tab: Banking Acct: MyBussiness,LLC
Acct B: Under the Rental Property tab : 123 Main St
Acct C: Under the Property & Debt tab: A manually entered Mrg. loan linked to [123 Main St]
If I make an extra payment during the month to the mortgage from the MyBusiness,LLC.
How would I record that payment in Acct B AND C?
and will the stats in Acct C reflect that extra payment to show the change in future principle vs. interest ratio?
Thank you so much
0
This discussion has been closed.
Answers
the future interest / principal split would be different
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
Rent income $800
Mortgage and interest $300
Account A (Business) get s a deposit of $800 and an expense of [mortgage etc] for $300
Account C (Mortgage Loan Account) get a deduction of liability with the appropriate amount of principle vs interest calculated by Quicken.
My mind can't seem to to wrap around the idea that
Account B (under the Rental Property Tab) now shows an increase of $800, but no decrease of the $300 that was paid out. Overtime Account B will keep showing increased by $800 but but not decreasing.
Am I seeing this all wrong? or is the rent payment not even recorded in Account B :-) What is Account B for that Quicken generated when I added a rental property?
- Reduces your checking account (Acct A)
- Reduces your mortgage liability (not referenced in your scenario)
- Increases your Escrow account (if you have one)
When Insurance and Real Estate Tax payments are made (2 common reasons for an escrow account) they're paid out of the Escrow account, thus reducing it. An Escrow account is, in it's essence, a forced savings account for these future expenses.Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP