Editing opening balance on refinance

Tom Bunn
Tom Bunn Member
I want to track the use of refinance proceeds to pay off my old loan. A help screen suggests that I edit the opening balance of the new loan and make it a split between the old loan and interest paid. The first step is to open the new loan account. But when I do that, I don't get a register, I get a mortgage summary. When I go to payment details, I can see the opening balance, but not edit it.

Best Answer

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited January 15 Answer ✓
    Is your loan set up for download from the lender?  If so, you will need to Deactivate it to make it a manual loan (Loan Account screen > upper right Gear icon > Edit Account Details > Online Services tab > Deactivate). 
    Connected loans do not have account registers so you cannot see or edit transactions and, instead, you simply get a summary of the loan status. 
    Manual loans have account registers with transactions which you can add, delete or edit as needed.  It also then allows you to link your loan payments from your checking account to your loan account via a transfer category (the name of your loan inside brackets...ex [Loan Account name]...done inside the loan payment transaction in the checking account).  I and most other Super Users will usually recommend setting up loans as manual accounts, not connected accounts because of this.
    Once you make this change you will be able to make and enter the category split for the Opening Balance transaction. 
    (QW Premier Subscription: R44.20 on Windows 11)

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited January 15 Answer ✓
    Is your loan set up for download from the lender?  If so, you will need to Deactivate it to make it a manual loan (Loan Account screen > upper right Gear icon > Edit Account Details > Online Services tab > Deactivate). 
    Connected loans do not have account registers so you cannot see or edit transactions and, instead, you simply get a summary of the loan status. 
    Manual loans have account registers with transactions which you can add, delete or edit as needed.  It also then allows you to link your loan payments from your checking account to your loan account via a transfer category (the name of your loan inside brackets...ex [Loan Account name]...done inside the loan payment transaction in the checking account).  I and most other Super Users will usually recommend setting up loans as manual accounts, not connected accounts because of this.
    Once you make this change you will be able to make and enter the category split for the Opening Balance transaction. 
    (QW Premier Subscription: R44.20 on Windows 11)