Loan Schedule Not Updated

I have set up my loan scenario... and whenever a payment is made against the loan, the loan schedule and its associated data is not updated... I have to manually update the loan data to reflect the current status.

An example is, after three or so months of paying the loan, the loan schedule is still the same as it was three or so months ago. I have to manually change the "Next Payment" entry so that the loan schedule is up-to-date.

What did I do wrong, or what do I have to do to make it right???

Thank you,

Kenneth

Best Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    Since you said you can manually update the loan data I take it that this is a "manual" loan, i.e., not connected to the loan's servicer that supplies the entries to the loan's principle?
    The only other thing that comes to mind is that some years ago Quicken created a (not well explained) "structure" for splits to loan payments, requiring that elements of the split have to actually be entered on specific split lines.
    The Quicken programming behind mortgage loans generally works well and it's not clear what exactly is going wrong here.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    You have to shut down Quicken and then reopen the program for that to take effect.  If the credit to cash for $50 is sitting in your check register with  date of 5/20 (maybe even with the check number if that's how you paid it) then when the check clears and is downloaded to Quicken it should "Match."  If it doesn't, simply match it manually.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Without looking at your Quicken file I can only make a guess that the principle amount in your monthly payment of the loan is being "expensed" as a Category, (Quicken-speak for what most accountants would call "income and expense accounts"), instead of being directed at the loan Account, (a "transfer" in Quicken-speak).
    Look at the split of your monthly payment.  The principal amount should be directed to the account name with the name surrounded by square brackets, ([Loan Account Name]), not to some Category, perhaps named Loan Payment:Principle.
  • ksrothschild
    ksrothschild Member ✭✭
    Thank you for your response, Tom. Yes, I have it all set up to the bracketed account (ever since I set up the loan as you indicated) and I hope I can get an resolution soon... again, thank you, Tom!!!
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    Since you said you can manually update the loan data I take it that this is a "manual" loan, i.e., not connected to the loan's servicer that supplies the entries to the loan's principle?
    The only other thing that comes to mind is that some years ago Quicken created a (not well explained) "structure" for splits to loan payments, requiring that elements of the split have to actually be entered on specific split lines.
    The Quicken programming behind mortgage loans generally works well and it's not clear what exactly is going wrong here.
  • ksrothschild
    ksrothschild Member ✭✭
    I think we are getting closer to it... the loan is not through any financial institution, but a personal loan with an individual.

    Does this mean I have to split the transaction to effect this, but then again, why should I do this because I do categorize it to the bracketed account. Even if I did split the account, still where would the category be indicated - the same bracketed account!!!

    I hope this helps!!!

    Kenneth
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    I didn't quite grasp the second paragraph but it sounds to me like this is an interest-free loan where the entire amount deposited is principal?  
    When you set up this loan did you set it up as a "loan" in Quicken, using the loan "wizard?" I set up a test loan with an interest rate of 0% and that worked fine, with all the payments (entered by Quicken) settling correctly in the loan Account.
    If you set up the loan using a generic liability Account then the entry should work as a simple transfer.
    You might want to post some screen shots of the payment entries and title bar of the Account to see if anybody can spot anything.
    "I have to manually update the loan data to reflect the current status."
    Exactly how are you doing this?  I take it the "cash" effect of the payments is correct, so it sounds like you're making some sort of entry in the loan Account, like a self-referencing entry where the "Category" is the same Account?
  • ksrothschild
    ksrothschild Member ✭✭
    Tom,

    I hope the attached files will help...

    First one (#75) shows the loan account at a glance as of May 16th - shows that payments have been made to May 4, 2021 - but the "NEXT DUE" due is February 4th.

    Next screenshot (#76) shows the payment made which shows all the correct payments made up to May 4th.

    The last screenshot box (#77) shows the payment schedule which is still "stuck" on February 4th as "FUTURE PAYMENT"

    Hope this gives you the gist...

    Regards,

    Kenneth
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    It might also be helpful to post a screen shot of a payment out of your checking Account, though if you did in fact set this loan up using the loan wizard it should show those payments correctly.
    At first I thought that maybe the Account name may be at fault here, but there's no explicit prohibition against using the dash and ellipsis so I don't think that's and issue.
    If you haven't already, you probably should try a validate and repair.  File > File Operations > Copy... and then using the copied file File > File Operations > Validate and Repair.
    If a Validate and Repair doesn't fix it then the next thing to try would be a clean uninstall/reinstall of Quicken, but you might want to first connect with official Quicken support
    They can actually screen share and maybe see something that a conversation here might never pick up.
  • ksrothschild
    ksrothschild Member ✭✭
    Here's the screenshot from the checking account with the indicated payment to the right loan account and then the account doesn't update. Hope this helps...
  • ksrothschild
    ksrothschild Member ✭✭
    Tom, I called tech support... and worked with them through "SHARE SCREEN"... and we probably nailed down the problem... it is not a loan from any financial institution, but a personal interest-free loan with an individual. That is why the online/download/update function is worthless to update this person-to-person loan scenario.

    There was a work-around which I'm not happy about because it takes up a few more keystrokes... through the BILL pull-down menu to invoke the transaction and it will flow down to have these transactions up to date.

    Oh well... unless you have better ideas???

    Thank you, Tom!!!
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Open the loan Account, click on "Payment Details", click on "Edit Payment Details", click on "Edit Loan Reminder", click on "Optional Settings."
    Click the blue hyperlink "change" that's in the first line below Optional Settings.  Click the radio button next to "Automatically enter the transaction in the register" and put a number in the box next to "days before the due date."
    That will allow the Quicken program to actually make the entry in your checking Account and update the "Next Due" date in the loan Account.
  • ksrothschild
    ksrothschild Member ✭✭
    Thank you Tom... I just did what you suggested... and since the next payment is due on 5/20 - 3 days from now... I have set it up for 3 days (which I would like to do in the future just the same) and see what happens. Nothing has transpired - should it??? Or maybe it wont happen until tomorrow which will be "inside" the 3 day period until the 20th. What say you???

    And when the checking account transaction happens from the bank, I hope it will find the matching amount transaction and accept it as a reconciled transaction.

    Until I hear from you or whatever ensues...

    Again, thank you, Tom!!!
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    You have to shut down Quicken and then reopen the program for that to take effect.  If the credit to cash for $50 is sitting in your check register with  date of 5/20 (maybe even with the check number if that's how you paid it) then when the check clears and is downloaded to Quicken it should "Match."  If it doesn't, simply match it manually.
  • ksrothschild
    ksrothschild Member ✭✭
    It all looks good... let's see what ensues over the next few months before I am a happy camper.

    No checks are involved (so no check numbers, per se) as it is a transfer from one account to another account (not to worry about the other account as it's irrelevant - LOL)

    Many thanks, Tom!!!
Sign In or Register to comment.