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Why can't account type/intent be changed?

I recently refinanced my mortgage, and for whatever reason, the only way I can get it to download automatically from my financial institution, it shows up as a "Credit" account vs. a mortgage. Not a huge deal, but it means that the account shows up under "Banking" instead of "Property & Debt" and of course skews the reports for those categories. Why can't you manually change the "Account intent" after the account is created? If I look under that drop down, the only two options I have are "Credit" or "Liability". Neither are quite right for a mortgage account. Thanks in advance, maybe this should be an enhancement request for a future update? Happy 2021 all!

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited January 3
    Liability is appropriate for a mortgage.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    A "credit" is money that's owed to you.  A "liability" is money that you owe, such as a mortgage.

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • RichC99
    RichC99 Member
    Thanks for the replies, you can now see why I'm not an accountant! ;)
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    If you read my tagline, I'm not a CPA either. 
    A CPA doesn't need to know, and usually doesn't know, anything about computers.
    My orientation was entirely the computer side of banking and finance, which is why I was a CISA, and not a CPA.  And in the computer,  everything is TODAY, not "accrued"
    OR, as I usually stated, the letters CPA and CPU are mutually exclusive. 
    If you've got 1, it's unlikely that you'll understand the other.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • BSave
    BSave Member
    Similarly, my home equity line shows up under Banking and my brokerage line of credit under investing. Both of these should be liabilities. And, the credit cards are under banking as well instead of liabilities. What would be great is more flexibility to change these linked areas to accounts. Also, some ability to customize the balance sheet reports. And, PS i am a CPA.
  • UKR
    UKR 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 to 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
      https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

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