How to correct erroneous data in a mortgage repayment schedule?

ggjohnson
ggjohnson Member ✭✭
I have just noticed that in January 2021 Quicken recorded a wrong split between principal and interest in my mortgage account--I have no idea why, and all the previous entries are correct. The amount was small--it showed that the principal was reduced by $2.54 more than it should have been--but that error was carried through to all the later splits. I have now corrected that error, but all the later splits of principal and interest are off slightly because of that error. Is there any way of getting Quicken to put the right splits for each month since then, or do I have to correct each transaction manually?
And how do I get Quicken to enter the correct split from now on?

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Unless you're willing to delete ALL mortgage payments since 1/21, and re-do them ... I'd just edit the transactions manually.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ggjohnson
    ggjohnson Member ✭✭
    Thanks. Any thoughts on my second question: how to get Quicken to enter the Split correctly from here on in? Should I delete all the entries back to the beginning, in February 2020, and run the mortgage program again from that date?
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    I haven't tried this ... but after you correct the previous, erroneous, entries I THINK (but unsure) that Q should calculate future entries correctly.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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