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No Split option in Loan Setup

GWIII

Refinanced a mortgage and want to add the new loan to Quicken. When I try to edit the payment details, it doesn't offer the "split" option as did the previous loan. Just offers an Other with no categories.

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Tom Young

Are you referring to this page of the loan "wizard?"

Image: https://us.v-cdn.net/6031128/uploads/editor/s1/0cj287ejcp7b.jpg

Or maybe this?:

Image: https://us.v-cdn.net/6031128/uploads/editor/na/cpiwk8fnnms4.jpg

Or are you editing the payment over in the checking Account?

UKR

GWIII said:

Refinanced a mortgage and want to add the new loan to Quicken. When I try to edit the payment details, it doesn't offer the "split" option as did the previous loan. Just offers an Other with no categories.

"Other" is the catch bucket for everything that goes into an Escrow account at the mortgage company: mortgage insurance, homeowner's insurance paid by the mortgage company, property tax.
This amount goes into line 4 of the Split transaction detail as shown above. You need to maintain a separate Escrow account register for it.

The Split detail should NOT be altered by moving or deleting or adding additional lines. The individual lines must contain the following:

Principal payment amount
Interest paid
Optional additional principal paid every month or 0.00
Escrow transfer to escrow account or 0.00

You make any changes which mess up the above and Quicken will not be able to give you a correct payment schedule.

The actual payments made for insurance or tax need to be recorded in the escrow account register when they are due and reported by the mortgage company, usually once or twice a year.

GWIII

In response to Tom Young, I don't ever have the option of entering the individual items, ie property tax etc in a split. It only gives me the bucket of other. So my question is, where is the split found. I don't remember this problem from previous mortgages.

UKR

GWIII said:

In response to Tom Young, I don't ever have the option of entering the individual items, ie property tax etc in a split. It only gives me the bucket of other. So my question is, where is the split found. I don't remember this problem from previous mortgages.

In years long past, you may have been able to edit the Split detail dialog and add additional lines without apparent ill effects on the payment schedule.

As it stands now, after some code changes a few years ago, the Split detail is restricted to the above mentioned 4 lines. See my earlier post for details.

And, as I said, if you wish to track and budget details for tax, insurance or other escrow deductions, you need to record these transactions in the Escrow account register in your data file.

Tom Young

Yeah, this was a bit of "genius" programming Quicken came up with, maybe around 2013 or so (?), without much of an explanation. I remember stumbling across it at the time:

Image: https://us.v-cdn.net/6031128/uploads/editor/j0/8j8bu2ag0qmh.jpg

GWIII

After entering the total of the escrow items in the "other" I amnot able to edit them and assign them to specific categories. I last was able to set up a mortgage in this fashion in 2021. Hardly the dark ages.....

GWIII

You also referenced an escrow account register. Where would I find this, please?

Tom Young

"You also referenced an escrow account register. Where would I find this, please?"

The escrow Account would be an Asset or Liability Account - your choice - that you set up to capture the escrow deposits and payments.

Having entered a dollar amount in the Other box, (I entered $176.15 in my test), you then go to the Loan Payment Reminder split window (2nd window in my post above) and distribute those dollars as you see fit. Here's the result when the loan payment is entered in the checking Account. I posted $165.15 into the Escrow Account and expensed $10 as a bank fee. Nothing has changed as far as I can tell since the 2013(?) change.

Image: https://us.v-cdn.net/6031128/uploads/editor/ih/rbedpxfkgkva.jpg

GWIII

Actually called Quicken support. After editing the payment amount in the bill reminder, the split option magically appeared in the account window where i had expected it to be all along.😎 Go Figure