Loan payments not being recorded

ccpjr
ccpjr Member ✭✭
I am using Quicken Premier R38.29.
When go to bills and income and make a loan payment it does not record the payment in my loan account in payment details.

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Answers

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Is the account setup for downloading the transactions?
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    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • ccpjr
    ccpjr Member ✭✭
    No, I enter these manually. I have run validate and repair and all it did was delete a corrupt category.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    Was the Bill Reminder for the loan payments set up by Quicken when you created the loan account?
    In the loan reminder there should be a split category:
    • The 1st line in the split category should be a transfer to the loan account (the loan account name enclosed in brackets).  This is for the principal payment that would get applied to the loan balance.
    • The 2nd line in the split category should be categorized as the interest part of the loan payment.
    • When you enter the Reminder into you checking account this split category should also be present.
    • Here is an example of what a loan reminder/payment transaction split category should look like:
    Are you seeing this kind of split category in both your future Bill Reminders and in the Reminders that have already been entered into your checking account?  Or are you seeing something different from this and, if so, what do you see?
    (QW Premier Subscription: R39.23 on Windows 10)
  • ccpjr
    ccpjr Member ✭✭
    No I am not. This is a no interest loan and all I see is the Payment.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    ccpjr said:
    No I am not. This is a no interest loan and all I see is the Payment.

    Then you don't need a split transaction ... just the transfer from your checking account to the loan account, as shown in Line 1 of @Boatnmaniac's graphic. 
    NOTE that the square brackets are how you indicate a TRANSFER, in this case, to the loan account.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ccpjr
    ccpjr Member ✭✭
    How do I get the transfer from my checking account to go to the loan account as in line one of Boatnmaniac's graph?
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    ccpjr said:
    How do I get the transfer from my checking account to go to the loan account as in line one of Boatnmaniac's graph?
    Click on the Category field of the payment transaction in your checking account and type in the name of your loan account enclosed in brackets.  For instance, if the name of your loan account in Quicken is My Loan you would enter [My Loan].
    This will transfer the payment information in your checking account to your loan account register as a principal payment.
    (QW Premier Subscription: R39.23 on Windows 10)
  • ccpjr
    ccpjr Member ✭✭
    Ok, just did that. How do I get all the past payments registered in my loan account?
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    ccpjr said:
    Ok, just did that. How do I get all the past payments registered in my loan account?
    By the same process.  Go through your checking account register and for each transaction that was a loan payment you enter that same transfer into the category field for each one.  After you enter it be sure to hit the Enter key or click on the Save icon to make sure the transaction change is saved.
    (QW Premier Subscription: R39.23 on Windows 10)
  • ccpjr
    ccpjr Member ✭✭
    Still having an issue getting payments already made to register in the loan account.
    I went to my checking account and in the category box for a payment I made I typed [loan account] and clicked on the green save icon and ignored the split, new category and show full list tabs at the bottom. It still does not register the payment in the account.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    edited February 18
    @ccpjr - To be sure I understand you correctly:  You typed in the actual name of the loan account and enclosed that in brackets and did not just type in loan account in brackets, right?
    Also, are you seeing a transaction register in the loan account?  It should look something like this:
    (QW Premier Subscription: R39.23 on Windows 10)
  • ccpjr
    ccpjr Member ✭✭
    Correct, the actual name of the loan account.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    And are you seeing the loan account register similar to what I posted?
    (QW Premier Subscription: R39.23 on Windows 10)
  • ccpjr
    ccpjr Member ✭✭
    Yes but it does not show any payments.
  • ccpjr
    ccpjr Member ✭✭
    Here is what I am seeing.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    Per your graphic, your loan is setup for Download (Express Web Connect). @Chris_QPW asked this on February 7 ...and you never responded.
    With downloads into a loan account, ONLY the downloaded transactions can post to that account and there's NO account register that you can even see.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ccpjr
    ccpjr Member ✭✭
    I didn't know it was set-up as a download. How do I change that so it's not setup for a download and when I make a payment it is recorded?
  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    Answer ✓
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    edited March 12
    just following along - from the "other" posting and link....
    I don't have any loan accounts -
    but why does Quicken work in this special way with the Register vs the Downloads - for loans ?
    QWin Deluxe Subscription - Win10
  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    @Ps56k2, as you well know ... no one here can answer "why" type questions.  We don't make those decisions.

    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    NotACPA said: @Ps56k2, as you well know ... no one here can answer "why" type questions. 
    ok - thought I was missing some financial implied reason...

    QWin Deluxe Subscription - Win10
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Ps56k2 said:
    NotACPA said: @Ps56k2, as you well know ... no one here can answer "why" type questions. 
    ok - thought I was missing some financial implied reason...

    Even though I can't guarantee 100% that I'm right since I'm not a Quicken developer that worked on this, I have explained what I belief is the reason many times.

    It isn't a "financial" reason.

    I think when it was first suggested that people should be able to download loan accounts, everyone believed they would do it in the same way that they download all the other account types.  As in, you still use the loan wizard, and the only thing you are downloading is the net amount in the loan register and matching it to the existing transaction.

    This is clearly not what they did.

    They had a secondary problem.  People were also complaining that the loan wizard didn't work for some of the loans because the loan companies were using all kinds of unusual loan schedules.

    So, what they did is "kill two birds with the same stone".

    They put in "downloading", but with the idea that Quicken doesn't have to know anything about the loan schedule.  Instead, the financial institution sends what the payment is, and Quicken "just believes it".

    So why did the register get hidden?

    Because the Quicken Inc developers had no idea how they would get things back in sync if the user went in and changed things.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    tnx @Chris_QPW - I'm pretty simple at this point,
    and keep stumbling across new things in Quicken along with the financial world that drives it -
    QWin Deluxe Subscription - Win10
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