New Loan - Creating After First Payment Made

minburn1

I seem to recall years back not having this work well. Long and short, as I indicated in the subject, I've created a loan today (Nov 27) that was effective Oct 17 and that had its first payment Nov 23. So easy enough with loan creation to the point of 'next payment' that can't be that Nov 23 payment. And at that point, all a mess and the register will only put in that first payment as principal amount (rightly so) but a 'Balance Adjustment.

How the hell to do this so it has that Nov 23 payment as a split loan payment and next one scheduled for Dec 23? Thanks in advance

Boatnmaniac

@minburn1 - I am assuming you set up the loan as a manual account (not connected to the lender) because you mention "the register".  Only manual loans will have an account register.  So, here is my suggestion:

Back up your data file before proceeding.

1. Backup your data file before proceeding.
   
2. In the checking account where the Nov 23 payment was made from, edit the payment transaction by splitting the category. 
3. In line 1 of the category split, enter a transfer to the loan account....the loan account name enclosed in [ ].  The amount of this line is to be the principal amount for this payment.
4. In line 2 of the category split, enter the category used for lnterest and the amount of interest that was paid.
5. The total of the category split needs to be equal to the full amount of the Nov 23 payment that was made.
   
6. Go to the Loan Account register.  You will see the Nov 23 payment now shown there and can delete the Balance Adjustment transaction that Quicken placed there.
7. Your Loan Reminder will remain intact and should show the correct next payment date.
   

Did this resolve the issue for you?

Frankx

Hi @miniburn1

So, you already know that Quicken doesn't allow you to setup the entire loan schedule if you've already passed the date that the first payment was due.

However, one workaround that you could use, is to delete the account you just setup > then manually reset your computer's clock to a date before the first payment was due > and then go through the process of setting up a new loan account in Quicken.  After you've completed the setup, make sure that you reset the clock back to the current date.

Let me know if you have any followups.

Frankx

minburn1

Hi there . . . . appreciate the quick response . . .

I thought about adjusting computer time but why potentially mess up other software, schedule settings and such . . . why risk it just for this?

So I simply did it up, manually edited the auto entry of 'Balance Adjustment' that was actually the first payment, and tidied a few more things up to have it 'work'.

Incredible that this scenario is still an issue for the software. That 'last time' I mentioned was likely almost 15 years ago!

Boatnmaniac

@minburn1 - I am assuming you set up the loan as a manual account (not connected to the lender) because you mention "the register".  Only manual loans will have an account register.  So, here is my suggestion:

Back up your data file before proceeding.

1. Backup your data file before proceeding.
   
2. In the checking account where the Nov 23 payment was made from, edit the payment transaction by splitting the category. 
3. In line 1 of the category split, enter a transfer to the loan account....the loan account name enclosed in [ ].  The amount of this line is to be the principal amount for this payment.
4. In line 2 of the category split, enter the category used for lnterest and the amount of interest that was paid.
5. The total of the category split needs to be equal to the full amount of the Nov 23 payment that was made.
   
6. Go to the Loan Account register.  You will see the Nov 23 payment now shown there and can delete the Balance Adjustment transaction that Quicken placed there.
7. Your Loan Reminder will remain intact and should show the correct next payment date.
   

Did this resolve the issue for you?

minburn1

Hi there. That is 'exactly' what I did to remedy things.