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I have a loan set up with semi monthly payments. The payoff schedule has a missing paymnt

My payoff schedule is missing a payment. It is set up semi-monthly and there is only one payment scheduled for November. Now a payment comes in for both payments for December and I don't have two payments due because I used one of them for the second payment in November. How do I correct this?


  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited December 2020
    @ytterp -  I am assuming you are talking about a Loan Reminder missing for Dec.  Is this correct?
    This can happen when a Loan Reminder instance was previously Ignored instead of Entered into the register or it was Entered into the register  and then later that Reminder transaction was deleted from the register.
    You should be able to fix this by editing the Loan Reminder so the next payment date is changed to show the missing Loan Reminder date.  Example:  If you normally make a Loan payment on the 1st and the 15th of each month but your Loan Reminder currently shows your next payment due date is the 15th of the month but it should show the 1st of the month, you can edit the Loan Reminder to show the next payment due date is the 1st of the month.  Then your Loan Reminder will again show 2 payments due for for 12/1 and one for 12/15...and all future months will show 2 Loan Reminders.
    To edit your Loan Reminder:  First, back up your data file in case something goes wrong.  Then go to your Loan Account screen where you can take the following steps:
    After adjusting the "Due Next On" date, click on "Done" and then click on "OK".  You should now be able to enter your two Loan Reminders for this month and match the downloaded payments in your checking account to them.
    Let me know if this addresses your issue or if you have any questions or need additional information.

    (Quicken Classic Premier Subscription: R52.33 on Windows 11)

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    @ytterp,  I have a question  about your semi-monthly payments.
    Does your lender post BOTH  payments to your account on the date received?  OR do they sit on the first payment until the second arrives (as many lenders  with this  payment "feature" have)?
    IF the latter,  this feature IN NO  WAY is to your advantage.  You lender gets your money early ... but you derive no benefit (reduction in  interest) from that early payment.
    The ONLY way that semi-monthly payments work to your advantage is if you have a 720  payment amortization schedule (for a  30 yr loan).
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ytterp
    ytterp Member
    I am the lender. In the payment schedule there is only one payment listed for November, there should be 2
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Please document what you're seeing.

    Can you please capture one or more images of the parts of your Quicken window showing the issue (loan setup details, payment schedule, scheduled reminder details), sensitive information blacked out as necessary to protect your privacy but annotated to describe the situation, and attach the image(s) here?

    Please save images to files of file type PNG, JPG, or GIF only. They're easier to work with than PDF files.

    There may be a disconnect between what the payment schedule calculated (every xx days) and the scheduled reminder's future iterations properly scheduling payments every (e.g.) 1st and 15th