How to remove a balance showing after paying off loan early?

I just paid off my car loan quite a bit early but Quicken still shows a balance due on the account. When I got the loan, I tried setting up the account as accurately as possible, but I did make a few extra payments. Now, the account is still showing a balance. How can I remove that without screwing up all my other accounts? Thank you.
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Best Answer

  • Quicken September
    Quicken September Moderator mod
    Accepted Answer
    Hello, @Scott Remington

    Thank you for your update, though I apologize for any confusion or trouble. If you would like to eliminate the rest of your balance because it is incorrect, I would recommend adding a new transaction as @Quicken Jasmine recommended. If you would not like to record it as a payment, you may also make an adjustment. You may do this by navigating to Accounts in the menu bar and then selecting Adjust Account Balance.



    From here you will be able to tell the program that as of date, your balance was y - in this case, = your payoff date was and y = $0.00. Once you have entered this information, please select Add Transaction. I would also recommend notating in the memo column why you made the adjustment (i.e. "paid loan off early - balance was incorrect due to calculated interest" or something to that effect). I hope you find this helpful! Thank you and have a wonderful day!


    -Quicken September

Answers

  • Quicken Jasmine
    Quicken Jasmine Moderator mod
    edited December 2021
    Hi @Scott Remington,

    Thank you for coming to the community with this question. From what I understand, you would like to add in the extra payments that you have made for your car loan as transactions into Quicken in order to have the correct balance showing? 

    You can do this by creating a new transaction (or multiple) in the Car Loan account for the amounts that you have paid. To create a new transaction, you would click into the said account and locate the new (+) button at the bottom of the page then you would fill in the items for the said transaction and click enter when you are done. 

    I hope you find this of use, I look forward to hearing your response. 

    Thank you, 
    Quicken Jasmine
  • Scott Remington
    Scott Remington Member ✭✭
    edited January 1
    Hello Jasmine,

    Actually no. I had originally set up the loan with a four year payment schedule and whenever I paid extra, I would simply edit the next payment reminder in the calendar for the date of the extra payment and proceeded on. In those cases where the extra payments were for more than the scheduled amount and not a multiple of the scheduled amount, I simply added a transfer from my payment account to the loan account. I did this because Quicken had already broken out the payment into principal and interest and I didn't want to try to recalculate the amounts (or if I even could) in a scheduled payment.

    I didn't really care that the amounts shown in Quicken didn't ever match those shown from the bank. Until now. Now I want to go in and remove the balance being shown in Quicken because it's incorrect. I am assuming this remaining balance is the interest I didn't have to pay since I paid the loan off early.

    Thank you for your assistance in this.
  • Quicken September
    Quicken September Moderator mod
    Accepted Answer
    Hello, @Scott Remington

    Thank you for your update, though I apologize for any confusion or trouble. If you would like to eliminate the rest of your balance because it is incorrect, I would recommend adding a new transaction as @Quicken Jasmine recommended. If you would not like to record it as a payment, you may also make an adjustment. You may do this by navigating to Accounts in the menu bar and then selecting Adjust Account Balance.



    From here you will be able to tell the program that as of date, your balance was y - in this case, = your payoff date was and y = $0.00. Once you have entered this information, please select Add Transaction. I would also recommend notating in the memo column why you made the adjustment (i.e. "paid loan off early - balance was incorrect due to calculated interest" or something to that effect). I hope you find this helpful! Thank you and have a wonderful day!


    -Quicken September
  • Scott Remington
    Scott Remington Member ✭✭
    edited January 3
    Thank you for informing me of this option. This is in essence what I ended up doing. However the path to get there was different. With my version of Quicken, I could find the Account List but I could find no option to adjust the account balance directly. I ended up reconciling the account by entering a zero for the balance and then as suggested, entered a memo stating the difference was unaccrued interest from paying the loan off early. And, all future payment reminders have been removed from the calendar. Thanks again and very much appreciated!!

    Oh, and I tried to mark the above comment as an answer to the question, but something in the website is broken because it just returns an error when I try clicking on "yes".
  • Hello again, @Scott Remington

    Thank you for reaching back out to us with your update! I am sorry for the trouble, however, I am happy to hear that you were able to resolve your issue! Yes, the reconciliation path is essentially the same thing, just more of a "scenic route" for lack of a better term :D 

    Also, that's interesting to hear that it returned an error! I will look into that. However, you did successfully mark the response as an acceptable answer. Thank you and have a wonderful day!

    -Quicken September 
  • Scott Remington
    Scott Remington Member ✭✭
    Thank you and you do the same! :)
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