loan amount issues

My mortgage loan payment will be changing on the 1st of the month. I've changed the amounts (all instances in splits and the new transaction amount) yet the old total amount still shows in the check register. 

Best Answer

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    Open that 6/1 transaction.  Do you have, at the bottom of the splits, a last line that shows an amount but no category? 
    Delete it, and then "Adjust" to bring the transaction into agreement.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Do you have a mortgage account managed by Quicken? If so, rather than modifying the transaction in your checking account register, you'll want to click on the loan account in the sidebar, then click on Edit Loan and Payment Terms, and update the payment amount, rate (if it's changing), new escrow amount (if that's changing) on this screen.
    Quicken Mac Subscription • Quicken user since 1993
  • jcosta
    jcosta Member ✭✭
    When you say "managed by Quicken", please explain further. If you mean do I download transactions from my mortgage lender, the answer is no. I have it setup as a Loan and not a Liability. My Escrow amount is changing, which will change my total payment amount. Yet, the total payment amount for my upcoming/next payment does not show the new payment amount. If I hover over the transaction, it shows the correct split amounts. I would think the total payment amount should also show correctly.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Sorry for my confusing terminology -- I meant that you had it set up as a Loan in Quicken, where Quicken calculates the principal/interest splits, not a Liability account you manually managed.

    I'm confused about your last description: if you hover over the transaction, it shows the correct (new) splits, but the total is not correct? Where are you hovering over? So you're saying the sum of the splits shown does not equal the total amount of the transaction? 

    When you click Edit Loan and Payment Terms, on the right side for Loan Payment, your escrow amount is under the "Add extra principal, insurance, tax, etc." section, as a transfer to your escrow account, right? When you edit the escrow amount, does the Total just below that change as well? When I try this in a test file, the total on that screen changes, and when I Save the loan terms and look at the scheduled payment in my checking account, it reflects the new total and split amount. 
    Quicken Mac Subscription • Quicken user since 1993
  • jcosta
    jcosta Member ✭✭
    Yes, it's set up as a Loan in Quicken. In the check register, if I move the mouse over the 6/1 transaction, Quicken will show the split. The splits reflect the new amounts. However, the amounts do not total up to the total transaction amount, which is the old transaction total. When I was editing the the loan payment to reflect the new escrow amount, the new payment total amount showed correctly there. It just doesn't carryover into the check register (the splits carryover correctly). It will be interesting to see what happens on 6/1 when the transaction is paid, if the total reflects the new amount or not.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    Open that 6/1 transaction.  Do you have, at the bottom of the splits, a last line that shows an amount but no category? 
    Delete it, and then "Adjust" to bring the transaction into agreement.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • jcosta
    jcosta Member ✭✭
    Yes, there was a last line in the split transactions with no category for $.01. I tried to delete without adjusting before without success. This time, I did the adjust and it brought the total amount into balance with the split amounts. I'm still baffled why the split amounts, with the uncategorized $.01 transaction, didn't add up. Would it have if I would not have deleted the uncategorized and just adjusted or couldn't I have done that? Curious.
  • jcosta
    jcosta Member ✭✭
    edited June 2
    OK, now I'm really baffled. The 6/1 transaction has totally disappeared (and all future dates as well) from the check register. If I look at the principle debit account and edit the loan and payment terms, it shows my next scheduled payment should be 6/20 rather than 6/1. The uncategorized .01 transaction is back as an addition to principle. I change the next scheduled date to 6/1 and leave the .01 transaction (I've also tried it by setting it to zero and the results are the same), save the changes, yet if I go back into editing the loan and payment terms, nothing has changed; the date is back to 6/20 and the .01 transaction is back. There is no transaction scheduled in my check register on either 6/1, 6/20 or any other future date. 5/1 was my last transaction. In the edit the loan and payment terms, the loan type is set to Mortgage. I'm lost. Help.
  • jcosta
    jcosta Member ✭✭
    OK, the reason the 6/1 transaction was missing was my fault. When I edited the loan and payment terms, I didn't notice that the "Bill Reminder" tab screen had changed from Detailed Reminder to No Reminder. Fixing this made the 6/1, 7/1 and future transactions reappear.
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