Loan payments not being recorded

ccpjr

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.

NotACPA

https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

Chris_QPW

Is the account setup for downloading the transactions?

ccpjr

No, I enter these manually. I have run validate and repair and all it did was delete a corrupt category.

Boatnmaniac

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?

ccpjr

No I am not. This is a no interest loan and all I see is the Payment.

NotACPA

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.

ccpjr

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

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.

ccpjr

Ok, just did that. How do I get all the past payments registered in my loan account?

Boatnmaniac

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.

ccpjr

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

@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:

ccpjr

Correct, the actual name of the loan account.

Boatnmaniac

And are you seeing the loan account register similar to what I posted?

ccpjr

Yes but it does not show any payments.

ccpjr

Here is what I am seeing.

NotACPA

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.

ccpjr

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

https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

Ps56k2

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 ?

NotACPA

@Ps56k2, as you well know ... no one here can answer "why" type questions.  We don't make those decisions.

Ps56k2

NotACPA said: @Ps56k2, as you well know ... no one here can answer "why" type questions. 

ok - thought I was missing some financial implied reason...

Chris_QPW

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.

Ps56k2

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 -