How To Make Manual/Extra Loan Entry

I have an auto loan set up. I just deactivated the online services after reading some articles here, but I still can't figure out what I want to do. I have a reminder set up and that works fine to pay the monthly payments. I accidentally paid an extra $500 payment to the bank via my bank's online banking. I also made the regular payment. I know need to match/add the downloaded transaction from my checking account to the loan account. Since deactivating the online services on the loan account, I now see the register, but I still do not see a way to create a transaction in my checking account to "transfer" the payment and apply it to loan account. Thanks.

Comments

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Ordinarily I'd say, "enter the $500 payment in the checking Account and in the Category box enter the name of the car loan Account in Quicken with square brackets around it", e.g., [Bank of America Auto Loan].  I take it you've tried that and it doesn't work?
    There is an oddity, though, in the way Quicken handles principal payments for loans setup with the Quicken loan wizard, and that oddity is that the normal "split" entry - so much to interest, so much to principal - must follow Quicken's (unpublished) rules as shown here:

    Maybe try entering this $500 amount as a "split" with your Account/Categories laid out as above with only the $500 in that third additional principal line?
  • SkyPigPilot
    SkyPigPilot Member ✭✭
    Thanks for the reply, Tom. The auto loan shows up under "Property & Debt" in the left column, not under "Banking." When I attempt to just add the transaction in the register and select the auto loan as the category, it is not available in the drop down. None of the accounts listed under "Property & Debt" show up there. I started to mess around with the split transaction, but had the same problem. I solved it by going to last months regular payment and copying that transaction, adjusting the date, amounts (P & I) totaling $500 and everything appears ok. I'm afraid to look at the loan overview to see if the principal was applied correctly...I'm just glad I was able to get it done. Your post was helpful in that it got me thinking a little differently. Thanks.