Loan amortization schedule / interest

Question

In January 2022 I sold a home and did not set up the loan amortization schedule until 4-5-2022 in Quicken. Quicken loan payment options is set memorized payee to carry over the reduction of principle to the register asset value after deducting the interest charged. The Jan, Feb, and March interest did not subtract from the total payment and had to be manually subtracted so the payment schedule the 1st 3 months do not show the interest charged. I cannot find a way to correct this. April's interest was deducted from the total payment and correctly entered in the register and the payment schedule shows the principal paid and the interest charged. Any help you can give to allow me to correct the amortization schedule 3 entries would be appreciated.

R

rayseidlinger · Answer

Thank you. I did set the payment option as memorized payee when I set up, converted, the loan account. When I tried to enter a date in the past for a payment it would not allow a date in the past. Not a big issue, just thought it would be nice have consistent schedule with principal and interest for each payment in the schedule. I had manually adjusted the reduction of principle in the loan register based on an amortization schedule I had printed from another program. Thanks for all your help. R

Sherlock · Answer

It sounds as if you did not chose to enter the loan payments for the prior months using the loan's payment reminder or memorized payee.  As it's only three payment transactions, I suggest you edit each transaction manually to include the appropriate split entries.  Note:  If you want to use a transfer for the principal entry, you may need to adjust the opening balance transaction in the loan's register.

Before making any significant changes to your Quicken file, always save a backup: press Ctrl + B

NotACPA · Answer

Is that loan, in Q, recorded as an ASSET?  How are you recording payments to that loan, in the SPLIT?
I believe, that even for a Lender loan, the monies that you receive should show in the split as 1 line going as a transfer to reduce the principal amount and a 2nd line going to record the interest you receive.