Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

How to add a loan payment? [Edited]

I purchased Quicken, and I'm not thrilled with the way some of the things are working.

I have a rental property, and a primary residence. Neither of the mortgage companies websites work properly in Quicken. Both of them connect and everything seems fine, but it doesn't recognize that any money has been paid off. For the principle balance, it continues to show the original loan amount as the current principle amount that's owed... on one of them there's a $50k difference (or should be).

I asked about it on here, and someone suggested I simply disable the automatic update and instead do it manually. So I did...

I updated the amounts manually... but what I want to do now is apply the electronic debit from my checking account (for the appropriate mortgage) to the mortgage, but instead... it just adds the total to the principle that I owe (which is totally opposite of what it should be doing. It's obvious to me that I'm not using it right... maybe I'm expecting too much from it, but then I kind of don't understand the point of why I got it in the first place?

If I'm just doing double work now, why am I even using Quicken? Not trying to be negative, but I'm really starting to lose interest and very frustrated.

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    To record a mortgage payment, I suggest you use the loan's payment reminder or memorized payee.  For example, open the loan account, press Ctrl + Shift + N, and select Enter Loan Payment
  • ToddJ
    ToddJ Member
    Quicken won't let me respond to you... test.
  • ToddJ
    ToddJ Member
    Sigh... when I quote you... it won't let me submit, just disappears.

    When I hit Ctrl-Shift-N, there's no selection for Enter Loan Payment. There's a ton of other things, but absolutely nothing for loan payment.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Sorry @toddj, but you need more forum Points before you'll be allowed to post graphics.
    Are you trying to download, from the lender(s), into either of these mortgage accounts.
    Did you set up the mortgage payments using Q's "Mortgage Wizard?
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ToddJ
    ToddJ Member
    I was trying to quote and respond. It won't let me quote anyone.

    I set up both mortgages, but the first problem is that it never updated how much I had paid off. It just kept saying that my outstanding principle was literally the original purchase price.

    So I disabled it... sigh... I'm getting really frustrated... I mean, holding back here, there would be a lot of profanity but I'm trying to be nice.

    I really expected Quicken to be like...
    "Hey, this is my checking account.. and look at this, see that? This is my paycheck, it comes in on my checking account once every two weeks."

    And then have it say...
    "Check this out, see this line item in my checking account? That's my mortgage payment. Take that and apply it to my mortgage that's over here."

    But this seems to complicated for it to do automatically... either that, or I'm just not using it right.

    I'm seriously ready to go Office Space on this computer.

    I've been a computer programmer for 20 years, have dozens of cyber security degrees, literally used to hack websites when I was younger... renovated two homes, rebuilt dozens of engines, and I can't figure this out??? I'm about to lose my mind on this right now.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited January 20
    ToddJ said:
    Sigh... when I quote you... it won't let me submit, just disappears.

    When I hit Ctrl-Shift-N, there's no selection for Enter Loan Payment. There's a ton of other things, but absolutely nothing for loan payment.
    The Ctrl + Shift + N is a keyboard short-cut for select the Actions pull-down menu (small gear icon) at the upper right of the account views.  This is what it should look like for a manual loan account:



    If you're not seeing the appropriate menu, perhaps you didn't setup the manual loan account properly.
  • ToddJ
    ToddJ Member

    Sherlock said:
    To record a mortgage payment, I suggest you use the loan's payment reminder or memorized payee.  For example, open the loan account, press Ctrl + Shift + N, and select Enter Loan Payment

    Hi, a menu does come up when I hit Ctrl-Shift-N, but there's no option for "Enter Loan Payment" ... :(
  • Greg_the_Geek
    Greg_the_Geek SuperUser, Windows Beta ✭✭✭✭✭
    What version of Quicken are you using? From Quicken --> About Quicken
    Quicken Subscription HBRP - Windows 10
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    ToddJ said:

    Sherlock said:
    To record a mortgage payment, I suggest you use the loan's payment reminder or memorized payee.  For example, open the loan account, press Ctrl + Shift + N, and select Enter Loan Payment

    Hi, a menu does come up when I hit Ctrl-Shift-N, but there's no option for "Enter Loan Payment" ... :(
     The Ctrl + Shift + N is a keyboard short-cut for select the Actions pull-down menu (small gear icon) at the upper right of the account views.  This is what it should look like for a manual loan account:



    If you're not seeing the appropriate menu, perhaps you didn't setup the manual loan account properly. 

Sign In or Register to comment.