Mortgage Renewals and How to update

thedrou

How would you proceed with the transfer from the old loan to the new? I understand how to transfer from a credit card account to a savings account, but not sure how to proceed with a loand as suggested in the post below from Tom Young.

thank you,
Marc-Andre

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Tom Young SuperUser ✭✭✭✭✭
March 8
Since you have a new loan you really do need a new Account. The old Account will contain the complete history of the old loan so you won't lose a thing.
Create the new loan Account using the Quicken loan wizard. The wizard will create an Opening balance entry for the new loan. Assuming the opening balance is the same as the closing balance for the old loan you can edit that opening balance entry to make it a transfer from the old loan, zeroing out the old loan.

Tom Young

If you have a "manual" loan Account (i.e., information is not downloaded into the Account from the lender) then you have access to the loan register and can make entries into it, just like you can make entries into your checking or credit card Accounts.  You would simply make an entry in the register under the "Decrease" column in the amount of the outstanding loan with the offset being to the new loan Account, e.g. "[Name of new loan Account]."  Of course for this to work the new loan Account also has to be a manual loan.

If either the old or new loan (or both of them) are "connected" Accounts then you can either convert the loan(s) to manual Accounts to make the entries - https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc - or not convert them in which case the old loan should be pushed a "loan paid off" entry from the lender, zeroing out that Account.

Tom Young

When you create a new loan in Quicken using the loan wizard Quicken automatically enters the correct opening balance for the new loan.  You can either edit that opening balance entry and make it a transfer from the old loan, or make the transfer from the old loan into the new loan and then delete the opening balance transaction.

Tom Young

Whether making a budget under "Planning" or reporting budget figures via "Reports", you can make transfers - which are not either "income" or "expense" - made to look like income (FROM Account Name) or expense (TO Account Name).

If you want to include transfers in your budget then click "Manage Budget Categories" and select "Transfers in" or "Transfers out" and select the transfers that you want to see.

Tom Young

If you have a "manual" loan Account (i.e., information is not downloaded into the Account from the lender) then you have access to the loan register and can make entries into it, just like you can make entries into your checking or credit card Accounts.  You would simply make an entry in the register under the "Decrease" column in the amount of the outstanding loan with the offset being to the new loan Account, e.g. "[Name of new loan Account]."  Of course for this to work the new loan Account also has to be a manual loan.

If either the old or new loan (or both of them) are "connected" Accounts then you can either convert the loan(s) to manual Accounts to make the entries - https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc - or not convert them in which case the old loan should be pushed a "loan paid off" entry from the lender, zeroing out that Account.

thedrou

Hi Tom,
would I create the new loan (manual) with an opening balance of 1$ or with the actual balance? If I create the new loan with an opening balance of the actual balance and decrease the old loan and offset it to the new loan, then of course the amount is doubled. Would I then adjust the balance of the new one or am I going wrong about it?
thank you,
Marc-Andre

Tom Young

When you create a new loan in Quicken using the loan wizard Quicken automatically enters the correct opening balance for the new loan.  You can either edit that opening balance entry and make it a transfer from the old loan, or make the transfer from the old loan into the new loan and then delete the opening balance transaction.

thedrou

Hello Tom,
I edited the opening balance and made it a transfer. It work perfectly!

I have another question. Never figure out how the:

Personal Income - "From" Loan category
Personal Expenses - "To" Loan category

It affects the Budget under the Planning section. Any suggestion?

thanks,
Marc-Andre

Tom Young

Whether making a budget under "Planning" or reporting budget figures via "Reports", you can make transfers - which are not either "income" or "expense" - made to look like income (FROM Account Name) or expense (TO Account Name).

If you want to include transfers in your budget then click "Manage Budget Categories" and select "Transfers in" or "Transfers out" and select the transfers that you want to see.

thedrou

thanks again for your help. I simply removed the "tranfers in" and "transfers out". Everything look good now!