Car loan showing as a credit card.
PaulsonC
Quicken Windows Subscription Member ✭✭
I just got a new car. I'm downloading the new loan from my bank in to Quicken. Quicken will only let me choose credit card I don't want it as a credit card I want it as a loan. why can't I do a loan?
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Answers
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Hello @PaulsonC,
Thank you for reaching out to the Community and telling us about your issue, though I apologize that you are experiencing this.
First, could you please provide which version of Quicken you have currently running?- Help > About Quicken
Follow the steps below to create a test file:- Choose File menu > New Quicken File.
- Select New Quicken File.
- Click OK.
- In the File name field, enter the name of the new file, then click Save. Use a name like "Test File" to easily be able to tell it apart from your main file.
Don't use any of these characters: * ? < > | " : \ / (asterisk, question mark, left and right-angle bracket, pipe, straight quotation marks, colon, BACKSLASH, FORWARD SLASH). Also, don't add the .qdf extension; Quicken does that for you. - Sign in with your Quicken ID (if prompted). If you are prompted to create a Quicken ID, click Sign In under the Create Account prompt.
- Select to not use Mobile (if prompted).
- Click Add Account and try adding the account you are experiencing this issue with in your original file.
After adding the account, see if you experience the same problem in this test file. From there, you can then switch back to your original file.
Follow the steps below to switch files:
- Click the File menu.
- Look near the bottom of the options list.
- Select the data file you want to open.
Quicken will list the most recently opened data files, with a checkmark next to the file you are currently viewing.Let us know how it goes!
-Quicken Anja
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As I understand it, Quicken is working as expected.
Downloading of "loan accounts" come in two forms, "periodic" the ones with standard schedules, which are put into loan accounts, and "non periodic" like equity loans where you can at any time draw more out and increase the loan. Auto loans can be "daily compounded" and as such are not "periodic" because they depend on things like how many days are their in the month and when the payment is received. These loans are done in a credit card account because it is the closest type of account Quicken has for this.
And as I understand it, it is the financial institution or at least the agreement between the financial institution and Intuit (which provides this service for Quicken Inc) that decide what kind of loan this is.
When you decide to download a loan account you have to play by their rules. You don't get to decide on things like what kind of account type to use or in the case of a loan account to see the individual transactions/register.Signature:
This is my website: http://www.quicknperlwiz.com/0 -
> @Quicken Anja said:
> Hello @PaulsonC,
>
> Thank you for reaching out to the Community and telling us about your issue, though I apologize that you are experiencing this.
>
> First, could you please provide which version of Quicken you have currently running?* Help > About Quicken
>
> If you don't mind, I'd like to start off by having you create a new (test) file to see if you experience the same issue in a new file as well. In doing so, we will be able to determine whether or not this is caused by an issue within your current data file.
>
> Follow the steps below to create a test file:* Choose File menu > New Quicken File.
>
> * Select New Quicken File.
> * Click OK.
> * In the File name field, enter the name of the new file, then click Save. Use a name like "Test File" to easily be able to tell it apart from your main file.
> Don't use any of these characters: * ? < > | " : \ / (asterisk, question mark, left and right-angle bracket, pipe, straight quotation marks, colon, BACKSLASH, FORWARD SLASH). Also, don't add the .qdf extension; Quicken does that for you.
> * Sign in with your Quicken ID (if prompted). If you are prompted to create a Quicken ID, click Sign In under the Create Account prompt.
> * Select to not use Mobile (if prompted).
> * Click Add Account and try adding the account you are experiencing this issue with in your original file.
>
> After adding the account, see if you experience the same problem in this test file. From there, you can then switch back to your original file.
>
> Follow the steps below to switch files:
>
>
> * Click the File menu.
> * Look near the bottom of the options list.
> * Select the data file you want to open.
>
>
>
> Quicken will list the most recently opened data files, with a checkmark next to the file you are currently viewing.
>
> Let us know how it goes!
Test file also creates as a credit cards.
I am on version R32.100 -
> @Chris_QPW said:
> As I understand it, Quicken is working as expected.
>
> Downloading of "loan accounts" come in two forms, "periodic" the ones with standard schedules, which are put into loan accounts, and "non periodic" like equity loans where you can at any time draw more out and increase the loan. Auto loans can be "daily compounded" and as such are not "periodic" because they depend on things like how many days are their in the month and when the payment is received. These loans are done in a credit card account because it is the closest type of account Quicken has for this.
>
> And as I understand it, it is the financial institution or at least the agreement between the financial institution and Intuit (which provides this service for Quicken Inc) that decide what kind of loan this is.
>
> When you decide to download a loan account you have to play by their rules. You don't get to decide on things like what kind of account type to use or in the case of a loan account to see the individual transactions/register.
then would a HELOC not show up like a credit card to because my HELOC shows up as a loan0 -
Well I don't have any loans to download, but reading the threads on here HELOC when downloaded do get setup as credit card accounts. Why yours doesn't I have no idea.Signature:
This is my website: http://www.quicknperlwiz.com/0 -
P.S. You can go into the Account Details -> Display tab and change the intent to Liability which will get it to show it under the Properties and Liabilities section (but the account type will still be Credit Card).Signature:
This is my website: http://www.quicknperlwiz.com/0 -
I am having this same issue with an RV loan showing as a credit. I pay that from my checking account it is is actually adding the money to the RV account instead of reducing it. How do I change that?0
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For whatever it's worth ... I would not bother attempting to activate any loan or mortgage account for downloading. (Not discussing LOC or HELOC accounts here)
An online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.
As a result of being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead. The category seems to vary with the Loan Type you selected when creating the loan account in Quicken.
Effective with Quicken Windows 2018+
you can deactivate an online-connected loan account and regain full control over your transaction register. However, you should still review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not to a Category.
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But what Q PRODUCT are you running? Starter Edition, for example, doesn't support loan accounts.PaulsonC said:[snip]
I am on version R32.10
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
> @gilljd said:
> I am having this same issue with an RV loan showing as a credit. I pay that from my checking account it is is actually adding the money to the RV account instead of reducing it. How do I change that?
Hope you have better luck than I did...mines still stuck as a cc.0 -
gilljd said:I am having this same issue with an RV loan showing as a credit. I pay that from my checking account it is is actually adding the money to the RV account instead of reducing it. How do I change that?
When you set up this RV loan, how did you enter the Opening Balance? As a negative number, displayed in red, or as a positive number, displayed in black? Because you owe money to the bank, this account should show a negative running balance, in red.
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