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I can't bring in Loan accounts to budget the principal only

Currently I have my loan payments split between a principal loan account and the interest account, an example would be my mortgage payment it is split between the Mortgage: Interest Category in Expenses and the Loan Account "BankX" Loan. If I bring in the Loan, Quicken does not bring in the principal only in actuals, instead it brings in the the interest amount? How can I budget the Loan principal and have it show the budget and actuals correctly?

Best Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited March 26 Accepted Answer
    I'm getting lost in the sentence starting with "If I bring in the Loan..."  What are you referring to here?  Are you talking about selecting the "BankX Loan" Account as an Account that "feeds" information to the budgeting process available under the Planning tab and into Current Budget Reports?
    If that's the case, then you don't want that particular Account selected as part of the budgeting/reporting process because all the information you're looking for is already contained in the bank Account.  In the budgeting process click Manage Budget Categories and select Transfers Out.  Then click on "TO [BankX Loan]."  That will make that loan Account show up as a form of "Category" for budgeting purposes and the principal portion of the payment from your bank Account will show up as a form of "expense." 
    You do essentially the same thing over in the Current Budget Report.
    If I've misinterpreted what you're asking for, post back.
  • gogottliebs88
    gogottliebs88 Member ✭✭
    Accepted Answer
    Tom,

    Thanks for the help, your answer solved my dilemma!

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited March 26 Accepted Answer
    I'm getting lost in the sentence starting with "If I bring in the Loan..."  What are you referring to here?  Are you talking about selecting the "BankX Loan" Account as an Account that "feeds" information to the budgeting process available under the Planning tab and into Current Budget Reports?
    If that's the case, then you don't want that particular Account selected as part of the budgeting/reporting process because all the information you're looking for is already contained in the bank Account.  In the budgeting process click Manage Budget Categories and select Transfers Out.  Then click on "TO [BankX Loan]."  That will make that loan Account show up as a form of "Category" for budgeting purposes and the principal portion of the payment from your bank Account will show up as a form of "expense." 
    You do essentially the same thing over in the Current Budget Report.
    If I've misinterpreted what you're asking for, post back.
  • gogottliebs88
    gogottliebs88 Member ✭✭
    Accepted Answer
    Tom,

    Thanks for the help, your answer solved my dilemma!
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