Loan tools worthless
27498Samill
Quicken Windows Subscription Member
I have tried everything to get the Quicken loan tools to work. I even paid for the top-level software to get the support. I have spent over 2 hours of my life on hold with the [Removed - Disruptive] experts and have come to the determination that Quicken does not have the ability to correctly track my loan. I'm better off using Excell.
The problem started off like this.
I set up quicken and had quicken go to my bank and download all my account information on all my accounts including my loans. Then on the first month when the bill payment was reminded I made the entry to my checking, but it did not affect or record anything on the balance of my loan. I figured that was strange, so I followed that for a few months. Each month, when I went to update my information from the bank Quicken, would update the loan and simply put in a loan adjust transaction. It is not showing any of the monthly interest payments or principal payments. I figured I must be doing something wrong. I contacted support and was told that quicken does not have the ability to do what I am asking it to do. I decided I would do the manual account entry and skip on the automatic update stuff. So, I collected my original loan documents and all my statements from the bank and attempted to create a new loan. No matter what I did Quicken always calculated the payments incorrectly or the monthly interest and principal incorrectly. I was never able to get it to work correctly. Then I again called for a [Removed - Disruptive] expert to help. After 2 hours of working with this person, doing the same things that I have already tried we settled on diddling around with the numbers to see if quicken could figure it out and they had no success. Having wasted so much time on this and having an expert helping me [Removed - Disruptive] to see if the software would work, then ended with no results. I was frustrated. I told the person I had to go, and I continued to play with it myself. My end result was to make several loans, and nothing worked and all of which I deleted. The only thing that I could get to work was to create an account as an "asset or liability" and enter all the information manually. Then I could show the negative balance, interest paid and each payment from my checking. The only problem with using quicken this way for loans is all the tools related to loans are not there and I cannot use them. [Removed - Rant] I then went to the community and searched for related loan issues and found that the common answer from quicken experts is that quicken is not able to track that kind of loan. So, here is another question, if banks can think it up why can't Quicken simply track it? [Removed - Rant]
Really not happy...
I'll attach a copy of the amm schedule to this. it is a 10-year loan for 42,000 no other fees ect. All my statements match the amm schedule perfectly. Quicken, you figure it out and call me back...
The problem started off like this.
I set up quicken and had quicken go to my bank and download all my account information on all my accounts including my loans. Then on the first month when the bill payment was reminded I made the entry to my checking, but it did not affect or record anything on the balance of my loan. I figured that was strange, so I followed that for a few months. Each month, when I went to update my information from the bank Quicken, would update the loan and simply put in a loan adjust transaction. It is not showing any of the monthly interest payments or principal payments. I figured I must be doing something wrong. I contacted support and was told that quicken does not have the ability to do what I am asking it to do. I decided I would do the manual account entry and skip on the automatic update stuff. So, I collected my original loan documents and all my statements from the bank and attempted to create a new loan. No matter what I did Quicken always calculated the payments incorrectly or the monthly interest and principal incorrectly. I was never able to get it to work correctly. Then I again called for a [Removed - Disruptive] expert to help. After 2 hours of working with this person, doing the same things that I have already tried we settled on diddling around with the numbers to see if quicken could figure it out and they had no success. Having wasted so much time on this and having an expert helping me [Removed - Disruptive] to see if the software would work, then ended with no results. I was frustrated. I told the person I had to go, and I continued to play with it myself. My end result was to make several loans, and nothing worked and all of which I deleted. The only thing that I could get to work was to create an account as an "asset or liability" and enter all the information manually. Then I could show the negative balance, interest paid and each payment from my checking. The only problem with using quicken this way for loans is all the tools related to loans are not there and I cannot use them. [Removed - Rant] I then went to the community and searched for related loan issues and found that the common answer from quicken experts is that quicken is not able to track that kind of loan. So, here is another question, if banks can think it up why can't Quicken simply track it? [Removed - Rant]
Really not happy...
I'll attach a copy of the amm schedule to this. it is a 10-year loan for 42,000 no other fees ect. All my statements match the amm schedule perfectly. Quicken, you figure it out and call me back...
0
This discussion has been closed.