How to make loan payments with connected loans

If you connect to your bank with Express Web Connect and add a loan to Quicken, how do you may payments? I have the payment in my checking account register, but it cannot be recorded as a transfer to the loan account. There is a loan payment category, but that would be inaccurate since some of the payment is interest and some pays down the loan. Maybe it's best not to use Express Web Connect for loans if you care about accurately categorizing your payments.

Best Answer

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer

    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.


Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer

    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.


  • dialedin
    dialedin Member
    Thanks, UKR. After a lot of time spent fighting it, I have my answer.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Over many years, I've found Q's "Mortgage Wizard" to be VERY accurate for "monthly interest" loans ... such as most mortgages.
    BUT, it really doesn't work (except as guesstimates) for "daily interest" loans, such as auto loans and other personal loans.  Their amortization calculations depend, in a large part, upon what day your prior payment was posted ... unlike a Monthly Interest loan where the amortization schedule can be calculated immediately for the entire period of the loan.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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