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Cannot set up online services on mortgage/loan accounts

I am running Q for Windows, version R30.14 (so, up to date), on Windows 10.

I have both a mortgage and an equity line (one with Wells Fargo, the other with PNC) set up in Quicken. Previously, neither bank allowed for downloading to Quicken for these instruments but now they do. So I tried to set up online services on each, but in Edit Account Details, there is no tab for that. I tried it backwards - went to PNC's website, downloaded a QFX file of activity, which popped Quicken... but the popup window would not allow me to select either account to match with. Like it didn't see them as options.

What is the deal here? I suspect, looking at some previous threads, it might be about account type (they are both Liability), but can't say for sure. Any ideas? How do I get the online services going? Thanks!

Best Answer

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    In my opinion, it is a much better idea to use a manual loan account than to attempt to use an online activated loan account to track a loan.  

    To use an online activated loan account, you must add the loan account providing the financial institution: select Tools > Add Account....  Note:  Many financial institutions do not support online activated loans.  

    If you're switching from a manual loan to an online activated loan, you will want to prepare to delete the manual loan.  This is accomplished by modifying all the payment transfers to the loan to have an appropriate category used for payment to principal.  This is easily accomplished by selecting the range of transaction in Payment Details view of the loan account and right-clicking and selecting Edit Transaction(s).  You may want to use the same principal payment category used in the online activated loan's payment reminder.  Once all of the principal payment transactions are no longer present, you need to decide how to manage the remaining opening balance and adjustment transactions.  If they're self-referencing transfers, they may simply be deleted.  If they're transfers to another account, you'll want to reset transaction category appropriately.  When there are no longer any transactions in the manual loan account, the account may be deleted (press Ctrl + Shift + E and select Delete Account).

    If you decide you would like to switch from an online activated loan to a manual loan, I suggest you review: https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

    We can not reactivate a deactivated online activated loan account.  The approach you would take is to add a new online activated loan account to replace the original online activated loan account and apply method similar to those already described.

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    In my opinion, it is a much better idea to use a manual loan account than to attempt to use an online activated loan account to track a loan.  

    To use an online activated loan account, you must add the loan account providing the financial institution: select Tools > Add Account....  Note:  Many financial institutions do not support online activated loans.  

    If you're switching from a manual loan to an online activated loan, you will want to prepare to delete the manual loan.  This is accomplished by modifying all the payment transfers to the loan to have an appropriate category used for payment to principal.  This is easily accomplished by selecting the range of transaction in Payment Details view of the loan account and right-clicking and selecting Edit Transaction(s).  You may want to use the same principal payment category used in the online activated loan's payment reminder.  Once all of the principal payment transactions are no longer present, you need to decide how to manage the remaining opening balance and adjustment transactions.  If they're self-referencing transfers, they may simply be deleted.  If they're transfers to another account, you'll want to reset transaction category appropriately.  When there are no longer any transactions in the manual loan account, the account may be deleted (press Ctrl + Shift + E and select Delete Account).

    If you decide you would like to switch from an online activated loan to a manual loan, I suggest you review: https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

    We can not reactivate a deactivated online activated loan account.  The approach you would take is to add a new online activated loan account to replace the original online activated loan account and apply method similar to those already described.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    @Migizi - I hold the same opinion as @Sherlock . But it is a personal choice as to how to set up and track mortgages/loans in Quicken.
    One other thing you should also take into consideration:  If you value having a register for your mortgages/loans, then you will want to keep them as manual accounts.  Mortgages/loans that are linked to the lender do not have registers.
    (QW Premier Subscription: R32.12 on Windows 10)
  • Migizi
    Migizi Member ✭✭
    Thanks @Sherlock and @Boatnmaniac. After your suggestions I poked around in a fake account I set up to test it, and I think I see mechanically what you mean. While it seems tempting to have these accounts online with connect, the reality of making the numbers balance would end up being kind of a pain. I appreciate your help!
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