Scheduled Transactions & Amortization Schedule?

jmine83

Does the Scheduled Transactions feature have the ability to calculate and set the principal and interest due according to an Amortization Schedule? Specifically the principal and interest are filled into dedicated subcategories within a transaction that has splits.

Having searched similar questions, I didn't find a clear answer to this.

J_Mike

The process of setting up a mortgage loan in QMac does include the option to set up a scheduled Reminder.The Reminder can be the total payment only or it can include the details of principle, interest and escrow (if applicable).

Open the loan account register.
At upper-left of the register, select Edit Loan and Payment Terms.
In the popup, select Reminder.
You will see the options.

In this same screen you can add extra principle and/or escrow payments if desired.

jmine83

> @J_Mike said:
> The process of setting up a mortgage loan in QMac does include the option to set up a scheduled Reminder.The Reminder can be the total payment only or it can include the details of principle, interest and escrow (if applicable).
>
> Open the loan account register.
> At upper-left of the register, select Edit Loan and Payment Terms.
> In the popup, select Reminder.
> You will see the options.
>
> In this same screen you can add extra principle and/or escrow payments if desired.

I see. I just finished trying that, but I didn't like how the Reminder was handling it. Now I could see that in adding the detailed reminder, it automatically created a scheduled transaction with splits; which is good. Entering into the details of that scheduled transaction to edit them and viewing the split details, however, it locked down the category fields that I can't edit or associate them with the categories I created as follows:

Home:Mortgage:Principal
Home:Mortgage:Interest
Home:Mortgage:Escrow

J_Mike

Go back to the Edit Loan and Payment Terms dialog.
Select the Loan Details view.
You can edit the category for Interest and for Escrow in this view.
You can not edit the Principle category - it is "locked".

You can edit the Principle category after the transaction has been entered in the register - say your checking acct. register.
I use the exact same set of categories for my loan payments and and I edit the Principle category  after the next scheduled register entry is set to Mark as Paid.

jacobs

@jmine83 The split for the principal payment should be a Transfer to the loan (liability) account. Transfers between accounts do not have a category.

You therefore shouldn't need a category for Home:Mortgage:Principal. You'll see that in your reports and/or budget as a transfer, not a category.