Projected Balances doesn't account for entire Mortgage Payment
hgslim
Quicken Windows Subscription Member ✭✭
I'm having an issue with a new mortgage payment.
In the Bills Reminder, I have the transaction going to the mortgage, home interest, and the escrow account.
The only amount that is accounted for in the projected Balances chart is the the amount that is going to the escrow account.
As a temporary fix, I've created a placeholder bill reminder of the mortgage payment amount, but would prefer that wasn't there.
Using most up-to-date version of Quicken Premier, on Windows 10 Home.
Have Validated the file and only thing it says is that it repaired the account. no further action needed.
In the Bills Reminder, I have the transaction going to the mortgage, home interest, and the escrow account.
The only amount that is accounted for in the projected Balances chart is the the amount that is going to the escrow account.
As a temporary fix, I've created a placeholder bill reminder of the mortgage payment amount, but would prefer that wasn't there.
Using most up-to-date version of Quicken Premier, on Windows 10 Home.
Have Validated the file and only thing it says is that it repaired the account. no further action needed.
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Comments
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A Projected Balances view (Bills & Income tab, Projected Balances) should show the complete transaction amount coming out of your Checking account. The individual splits, i.e., principal transfer to [mortgage account], interest payment, transfer to [escrow account] should not show. They are either Expense Categories or they are normally not considered Spending Accounts for the purpose of the Projected Balances view.
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> @UKR said:
> A Projected Balances view (Bills & Income tab, Projected Balances) should show the complete transaction amount coming out of your Checking account. The individual splits, i.e., principal transfer to [mortgage account], interest payment, transfer to [escrow account] should not show.
Correct. That's the issue. It isn't. It only shows the total amount that is going to the [Escrow Acct].
I've attached my issue in pictures.
For the split transaction, if I add the $998.89 to [escrow acct] then my mortgage thinks its a principal payment and says I only need to make 175 payments instead of 360.
I'm a long time user so I've set up many accounts and know what I'm doing but Quicken isn't accepting of this.0 -
The loan calculation routines require a certain format of the monthly payment's Split transactions, where each line has a special meaning. You cannot "free-format" your Splits as you wish. Adding lines or moving lines around won't work.The following shows an example of Splits from my Checking account that I have used for years, based on the original loan setup - created Split detail.
Model your splits after the above, using only 4 lines in the order shown.0
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