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Reconciling Mortgage (Q Mac)

How do I reconcile a mortgage account?

Comments

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    It would help if you'd explain exactly what reconciling the account means to you. Different people want to accomplish different things when they say "reconcile a mortgage."

    If you mean checking off a box for each transaction to show it was reconciled, like a checking or credit card account, the simple answer is that you can't in Quicken Mac. The loan balance in Quicken should match your mortgage company balance.

    If you have a discrepancy between your Quicken account balance and the real-world balance, you can make an adjustment. If the amount paid (in your checking account) is correct, but the split between principal and interest (and/or an escrow account) is off slightly, you can just adjust the split in the transaction in your checking account and it will update the loan account. Alternatively, you can click on Edit Loan & Payment Terms and in the section to "Add extra principal, insurance, tax, etc." you can enter an adjustment to increase or decrease the loan balance to be correct. (You would adjust Interest expense, or the transfer to the escrow account, or just use the special fudge category "Adjustment" to alter the balance without creating any expense or transfer.)
    Quicken Mac Subscription • Quicken user since 1993
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