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Monthly loan payments

Please see my Loom video
https://www.loom.com/share/e41c0ad7338045628114e8db59edb416
I have tried to get the 2/01 payment to the tractor loan and it exists in the checking account the same as all the other payments but it will not show up in tractor loan

TIA
Marlene

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited March 18
    Hi @Marlene8431

    I took a look at the video and here's what I see:

    The three payments for December January and March seem to have gone through sort of okay.  The reason that there is a difference between the 12/1, 1/4, and 3/1 in the Tractor Loan account is that only the 3/1 payment was actually recorded correctly (with the interest amount being posted to "Interest Expense" and the balance of the payment to reduce the loan principal).  For the 12/1 and the 1/4 payments the whole payment amount has been posted to the loan account - when part of each of those 2 payments should have been posted to Interest Expense. So you'll need to adjust those 2 payments.

    As far as the 2/1 payment goes - while it seems to have been made I do note that the "Payee" column in the checking account register is different than for the other three - it is "Dll Finance Llc" - while the others are "Dll Finance Llc ***********-000".  I cannot tell whether that means it never got to the finance company, or not.  But since there is an entry in the bank account, there should also be a posting (or postings) that total 220.74 somewhere else in your Quicken accounts.  You should check the Interest Expense category and/or do a search for the total amount (220.74) or the principal & interest amounts if you know what they should be for that payment.

    Hope this helps. Let me know if you have any followups. 

    Frankx


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  • Marlene8431
    Marlene8431 Member
    OK, thanks for replying so quickly. I will figure out the principle even though I mentioned interest in the video but the payment for 2/1 is not showing up in the tractor loan.
    https://www.loom.com/share/d8aec37790b445f98c9c2e87975bdfa8
    Thank you!
    Marlene
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