How do I wrest control of a loan account from Quicken?

I started a loan in Quicken and entered the Institution. Quicken went out, got the loan details and created the account. But as usual, Quicken can't seem to understand payments of principle and interest and gets them wrong EVERY TIME. I want to know the real balance of the loan without having to do log into my bank. But Quicken has it wrong. Growing worse every day. I want to be able to enter transactions and fix the payments of this loan. I am not sure what ends up in the account, but I do enter the payment from the checking account as a split, so I am assuming it is doing that part right. But the balance is now of by $330.35. It is because Quicken does this thing of taking the principle and interest payment amount, then changing it to Principle, Interest, Other. Now I want full control of this account. That is, I want to see the payment details from the beginning.
How do I get control?

Best Answer

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    First try deactivating the account in Quicken so that it no longer tries to access the bank.
    That should return control to you and give you a register.
    There also should be a Scheduled Reminder with the payment details, principal, interest and optional escrow. Ensure it correctly transfers principal from checking to the loan account.
    Record this reminder before Due Date and use any downloaded transaction in the checking account to match with the payment transaction.

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    First try deactivating the account in Quicken so that it no longer tries to access the bank.
    That should return control to you and give you a register.
    There also should be a Scheduled Reminder with the payment details, principal, interest and optional escrow. Ensure it correctly transfers principal from checking to the loan account.
    Record this reminder before Due Date and use any downloaded transaction in the checking account to match with the payment transaction.
  • Scott Stewart
    Scott Stewart Member ✭✭
    Thank you for the help!
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    And, unless this is a "monthly interest" type of loan, such as a traditional mortgage, Q's mortgage wizard can't accurately calculate the Principal/Interest split (i.e., the amortization).
    That's because on "daily interest loans" (e.g., an auto loan or a personal loan) the amount of interest due with the NEXT payment depends in large part upon when THIS payment is posted.  So, if this month's payment is posted on the 10th, the next payment will have a different interest amount due that if this month's payment is posted on the 1st.
    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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