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linked bank loans

I have a bank loan starting in 2017. Previously I have manually entered principal and interest. I have closed that account, and set up a new account linked to bank. I just downloaded a loan payment from my checking, but I can't assign the loan principal payment, as the loan does not appear in my category list.(Apparently linked loan accounts do not). What to do? Thanks.

Best Answer


  • bgrahambgraham Member
    Thank you Tom, this confirms what I thought. It is unclear to me why "linked" loans are set up in this fashion, as they seem to make bookkeeping impossible
  • UKRUKR SuperUser ✭✭✭✭✭

    For whatever it's worth ... I would not bother attempting to activate any loan or mortgage account for downloading.  (Not discussing LOC or HELOC accounts here)

    An online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.

    As a result of being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead. The category seems to vary with the Loan Type you selected when creating the loan account in Quicken.

    • Effective with Quicken Windows 2018+
      you can deactivate an online-connected loan account and regain full control over your transaction register.  However, you should still review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not a Category.
    • Users of Quicken 2017 and older:
      If you want to have full control over both the loan account register and the payment transactions you need to set up your loan account as a "manual loan account" and use the Scheduled Reminder created by the setup process to record your payment transaction on or before the due date.
      If you have already established a connected loan account and are having problems with it please take a look at this:
      How to convert back to a manual loan

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