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Loan payments not connected to register

HLT

Quicken for Windows R39.23
I have a new loan; made the first payment from the checking account. It doesn't show any categories - I thought I would show the principal amount as a transfer to the loan debt account, and the interest to the interest expense account.
It is not possible to record the loan account as a transfer recipient.
And it certainly would be nice not to have to manually enter the interest each month.

Meanwhile, the loan account is setup for online downloading.
It seems to know about the first payment, although I don't see a register showing it.

How does one manage these issues. (not to mention there will extra principle payments made from time-to-time.

Thanks,

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NotACPA

In your checking account, from which you made the payment, what splits are shown in the transaction?

Split info no longer needed, since OP is downloading into the mortgage.

Since you've enabled the loan for download, ONLY the principal amount of your payment downloads from the lender and you lose all control over the account.

See this re: converting your downloadable loan into a manual loan and then setup Q's "Mortgage Wizard" to manage the loan for you: https://community.quicken.com/discussion/7876773/downloading-mortgage-info

HLT

I'm not sure I follow this.
It seems like a flaw in the software - that when you electronically download your mortgage it doesn't download any transactions, just updates the balance? That doesn't seem logical to me.
If I make this a manual account, then I will manually have enter 12 transactions each year - or at least the principal and interest split. Is that what Quicken makes us do?

NotACPA

"that when you electronically download your mortgage it doesn't download any transactions, just updates the balance?"

Not a flaw. By intent. If you're downloading, Q decided to NOT let you also muck around in the transaction register. And. actually, it downloads that principal payment, which is the only thing that should post into the loan account itself anyway.

And, with the Mortgage Wizard, Q will create fully automated (and fully amortized) transactions for you. You'll only need to accept them into your checking account.

HLT

OK, so if I want to track the interest payments (for tax purposes), I need to change to the manual method using the Mortgage Wizard.
Thanks,

NotACPA

Take a backup
Convert the loan to manual, as instructed above
Set up the loan using the Mortgage Wizard and give it a try.

If you don't like the results, you can always restore that backup ... but I've been using the Mortgage Wizrd for a long as it's been available.

BTW, with that Memorized transaction, you can include any Escrow amounts that you pay AND if you make additional principal payments during the month, the Wizard will know about them and adjust your next amortization accordingly.

HLT

Thanks, I was going to try this, but when I click on this link:
https://community.quicken.com/discussion/7876773/downloading-mortgage-info
I get an error message "permission problem"

NotACPA

Sorry about that. I hadn't noticed that the particular post was "Archived".. Here's the unarchived version: https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

HLT

Thanks, the link and procedure worked!