Added New Loan, Does Not Appear In Categories

Mark215

AAAARRGGG. I had existing car loan. Setup Auto Entry transaction. Works fine.
Just entered new car loan. Same setup as existing car loan. This new car loan does not appear in Categories (to allow choosing it from drop-down category list when trying to set up Auto Entry).
Supremely maddening and frustrating. There is no difference in the setup of the existing loan and this new one. This should be way easier.
Going on 2 hours with this. Ugh.

Sherlock

I suspect you created an online loan account.  I suggest you use an offline loan account instead: FAQ: How do I convert a loan account that automatically downloads transactions, to a manual entry/sc

Sherlock

I suspect you created an online loan account.  I suggest you use an offline loan account instead: FAQ: How do I convert a loan account that automatically downloads transactions, to a manual entry/sc

Mark215

I did create an online loan account.
So I am unable to simply have that loan account show that it's taking its payments from another account (my checking, for example)? Also, I am unable to view transactions for the online loan account, I notice.
These shortcomings baffle me sometimes. Basics.

Sherlock

Mark215 said:

I did create an online loan account.
So I am unable to simply have that loan account show that it's taking its payments from another account (my checking, for example)? Also, I am unable to view transactions for the online loan account, I notice.
These shortcomings baffle me sometimes. Basics.

When we use an online loan account, Quicken hides the loan's register and relies on information Intuit manages to scrape from the loan's financial institution's web site on our behalf.  Quicken does not want us to manually maintain an online loan account.  You should be able to view the transactions in the hidden register using a report.

I suggest using an offline loan account instead of an online loan account.  An offline loan account is more reliable and functional than an online loan account.

Mark215

Got it. Thanks so much for the responses. Very helpful!

NotACPA

@mark215, an auto loan is almost always a "Daily Interest Loan", in which how much interest you owe for THIS month is largely dependent upon when your lender received, and posted, your last payment.

Q's "Loan Wizard" can only reliably handle "Monthly Interest Loans",  where the interest for the entire term of the loan can be calculated before the loan is ever funded.

BUT, the Loan Wizard, while it will be inaccurate for your loan, is still a good reminder of the total amount that you owe and the date your payment is due.  THEN when you get the next statement you can edit the prior payment to match what's on that statement.

Daren

I DO NOT think it appropriate that I am not allowed to see the loan register for a loan set up online. Why the distinction? My loan account is not associated with a transfer category, nor are the interest payments allowed to be categorized. Since I cannot see the register, I cannot fix this. It's as if the loan is an entity separate from all my other finances.

Sherlock

Daren said:

I DO NOT think it appropriate that I am not allowed to see the loan register for a loan set up online. Why the distinction? My loan account is not associated with a transfer category, nor are the interest payments allowed to be categorized. Since I cannot see the register, I cannot fix this. It's as if the loan is an entity separate from all my other finances.

It doesn't matter what we think.  Quicken decided not to make the online loan's register visible about 10 years ago when they implemented the online activated loan functionality.  The loan payment transaction should be entered as a split transaction in the payment register with entries appropriately categorized for interest and principal: open the loan account, press Ctrl + Shift + N and select Enter loan payment