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Car loan account

I was paying my car loan using Bill Manager and that Kept my debit account up to date. . That is now gone. My car payment is now automatic but I still want to post in my register so my debit account will update. How do I do that.
I all so have the same problem with my home loan.
Would like to keep both accounts up to date

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited January 23
    When you make payments against an interest-bearing loan you need to split the payment when you post it to your checking Account.  The split will have two parts, an "interest expense" Category and a transfer of the principal portion of the payment to whichever loan Account is affected. This process is only really available to you if the loans are set up as "manual" loans.
    How are the loans set up in Quicken?  Are they manual loans as I've described them, or are they "downloading" loans where the principal reduction is "pushed" into your from the lender?
  • fredb38
    fredb38 Member
    I just want to write a check and have it deducted from the loan. Just not sure how that works.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited January 23
    fredb38 said:
    I just want to write a check and have it deducted from the loan. Just not sure how that works.

    The check that you write to pay the loan will be a split transaction, with part of the payment going to the Car Loan account as a transfer, and a part going to an Interest category.
    Since a car loan is, almost certainly, a Daily Interest Loan, you won't know the precise amount of the transfer and the interest until you receive the succeeding statement. At that time, go back and edit the prior month's payment transaction to show the correct amounts.
    The Transfer to the car loan is shown, in the split as having square brackets around the name of the car loan account, e.g. [Car Loan].  That's how a transfer is recorded.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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