Quicken loan payment entry problem

dkwii

I just noticed a new issue. With the newest version (46.12) when I entered a payment on a loan (both an auto loan and home loan, not online enabled), Quicken didn't break it out into principal, interest etc. I just got an entry for the full amount in the loan payment details.
I've been using Quicken for about 25 years, and I'm familiar with the way it handles loan payment transactions.
I first created a new file and set up my loans and checking account there, and got the same problem.
Then I reverted to version 45.21 and the problem disappeared.
Is this a known issue with the current version?

NotACPA

@dkwii,

I'm also running R46.12 and my mortgage payment was recorded on 1/13 ... but I'm not seeing your issue.  All of the splits amounts went where expected.

Normally, I'd suspect a corrupted Q database, but since the otherwise problematic R45 resolved your issue I can only suggest that you had a corrupted program install.

I strongly suggest that you re-install R46 as there are a multitude of problems with all of R45.

dkwii

@NotACPA Thanks for checking. I updated to the most recent version (Help | Check for updates) and the problem is back. I've validated the file and there were no problems indicated.
The Edit Loan Payment is showing the correct breakout, and seems to be calculating correctly, but when I go to Enter Loan Payment, it changes all the split items to 0 and puts the entire transaction on a blank uncategorized line. This is on the new file. All I have in this file is the initial download from my bank and the house mortgage. The transaction in my checking account shows two of the split lines, with 0s and one uncategorized line with the total payment.

NotACPA

Well,  for starters, downloading into a mortgage account is ill-advised because doing so  removes the account register from your view or usage and ONLY the downloaded principal payment (interest and escrow aren't downloaded) is allowed to post into the mortgage account.

I'll suggest that you turn off download into this account and go with the Mortgage Wizard only.  I've found it to be quite accurate.

dkwii

@NotACPA I've never downloaded into a mortgage account. I've always used the standard memorized transaction and quicken does a good job calculating P&I. I've reverted back to 45 again and I'll stay there until this gets sorted out.

dkwii

More testing: I set up quicken v46 on my laptop. It's never had quicken installed before.
1. I set up an offline checking account
2. I set up an offline mortgage account
3. I set up the default payment reminder.
4. I went to the settings menu for the mortgage and selected Enter Loan Payment.
5. I got the full transaction coming out of checking, but when I look at the split, it was the same as the above, a 0 for the principal, a 0 for the interest and the full amount in an uncategorized row.
6. I selected the reminder in the calendar for the next month and selected enter. Same thing happened.

tgregorymd

I am having this exact issue with the lastest release (46.12). I concur that this must be a bug that was recently introduced as my loan reminders posted just fine in the middle of December. I hope it gets resolved quickly.

Tom Young

@dkwii @tgregorymd

If you make a split-entry "payment" manually in your checking Account with a split between principal and interest, does that work?  If it does that kind of narrows down where in the program the bug might reside.

tgregorymd

@Tom Young not sure what you mean by "manually". If I were to just go to me bank register and enter a payment and manually specify the pricipal, inetest and escrow amounts in the split I'm positive it would work, but that defeats the purpose of the loan reminder which is supposed to handle that variable split automatically. If I go to the loan reminder right click and select "Edit this and all future instances" everything is listed and broken out as it should in the split detail. When I subsequently go to enter the transaction in the register and take a look at the split in the preview of what is about to be recorded, all of the loan detail lines are set to $0 and a single uncategorized line withe the full payment amount is listed at the bottom. And that is was ultimately gets incorrectly recorded if you move forward with the entry from there.

Tom Young

"@Tom Young not sure what you mean by 'manually'".

By "manually" I'm referring to going to the checking Account, scrolling down to the bottom of the register to the blank entry line, and hand typing in a "payment."

You were very clear in the statement of the problem and this wasn't suggested as a "workaround", it was suggested as a test to maybe isolate where the problem is occurring, and that's all.

tgregorymd

@Tom Young, sorry if I came across the wrong way. Manually entering transactions works fine. It would probably also work to manually look up and edit the incorrect splits that are showing in the "Enter into register" preview window on the loan reminder. It appearrs to me that the issue is occurring as the "Enter into register" preview window is being prepared. For some reason the splits have stopped allocating properly there. Things look correct everywhere else. Thanks.

Rob Drolet

I'm experiencing the same problem with the 46.12 update

NotACPA

Well, I'm baffled if this is happening in a non-downloaded account ... because I'm running R46.12 and my mortgage reminders are properly splitting the loan payments.

Perhaps,  somehow, the Payment reminder has gotten corrupted. 

Has been deleting the reminder and re-creating it been tried?

Tom Young

@dkwii @tgregorymd

I'll point to this post over in the SuperUser's Lounge as a possible bug. I'd also suggest that both of you use the "Report a problem...." function in Quicken, under "Help."

tgregorymd

@Tom Young I already reported the problem, but have not heard anything back from Q yet. @NotACPA it is strange. I have three separate loans with associated payent reminders and all of them have the same issue. I have tried deleting and recreating all the reminders a couple of times and the prohblem persists.

danwilcox

I am having the same problem after the 46.12 update

Quicken Janean

Hi All, I am sorry for the trouble you are having with these split transactions when entering a loan. This issue has been reported. If you have not already, please submit details under Help> Report a Problem.  We will try to update you when more details are provided. I am sorry for the inconvenience caused. Thank you. 

(CTP- 5593)

-Quicken Janean

tgregorymd

Thank you @Quicken Janean. I have reported the problem thorugh the help menu but have not received any acknowledment of any kind back yet. Not sure if that's a normal pert of the process.

rachelgomez

When your loan payment is due, Quicken reminds you to enter the payment into your register. If you don't want to wait for the reminder, click the loan name in the Account Bar, click (the Account Actions icon), and then choose Enter Loan Payment.

Regards,
Rachel Gomez

Aeowyn

I am having the same issue. My mortgage loan that was entered late December 2022 is fine. First noticed the problem about a week ago. Checked and all my loans have the same issue if I go to enter a new payment. I assume it happened when I last updated Quicken. My current version is R46.12, build is 27.1.46.12, Windows 10 Enterprise. I just reported the issue through Quicken Help.

I did manually calculate what the allocation should be and fixed the bad entry Quicken made, but obviously I don't want to have to continue doing it.

mshiggins

NotACPA said:

Well, I'm baffled if this is happening in a non-downloaded account ... because I'm running R46.12 and my mortgage reminders are properly splitting the loan payments.

Perhaps,  somehow, the Payment reminder has gotten corrupted. 

Has been deleting the reminder and re-creating it been tried?

@NotACPA , there are two ways to Enter a loan payment transaction. First is via a Reminder, second is via a special loan payment Memorized Payee. 

The special loan payment Memorized Payee appears to have the losing splits issue, the loan payment Reminder is still working fine. 

So a workaround for the issue is to switch over to using the loan payment Reminder. 

Aeowyn

> <a rel="nofollow" href="https://community.quicken.com/profile/mshiggins" title="Link: https://community.quicken.com/profile/mshiggins">@mshiggins<;/a> said:
> @NotACPA , there are two ways to Enter a loan payment transaction. First is via a Reminder, second is via a special loan payment Memorized Payee. 
> The special loan payment Memorized Payee appears to have the losing splits issue, the loan payment Reminder is still working fine. 
> So a workaround for the issue is to switch over to using the loan payment Reminder. 

I'm not sure what the "special loan payment Memorized Payee" method is, but I've use both the loan payment Reminder (what I usually do) and going directly to the loan and selecting: "Enter Loan Payment" and they both provide messed up allocations.

Aeowyn

Hold on - let me modify what I just wrote - I've clicked on the reminder from the account - If I go into "Bill and Income Reminders" and select the loan payment from there - the allocation looks good.

mshiggins

Aeowyn said:

> @mshiggins said:
> @NotACPA , there are two ways to Enter a loan payment transaction. First is via a Reminder, second is via a special loan payment Memorized Payee. 
> The special loan payment Memorized Payee appears to have the losing splits issue, the loan payment Reminder is still working fine. 
> So a workaround for the issue is to switch over to using the loan payment Reminder. 

I'm not sure what the "special loan payment Memorized Payee" method is, but I've use both the loan payment Reminder (what I usually do) and going directly to the loan and selecting: "Enter Loan Payment" and they both provide messed up allocations.

Interesting. Perhaps @NotACPA is running a different version?

Aeowyn

Hold on - let me modify what I just wrote - I've clicked on the reminder from the register (where there is a clock face) and it is bad, but if I go into Tools -> "Bill and Income Reminders" and select the loan payment from there - the allocation looks good.

Thank you, I'll remember to do that. (OK so there are at least 4 ways to enter the loan payments)

Aeowyn

OK - Let me take it back again. If I go to edit the loan payment from "Bill and Income Reminders" it looks great. But if I "Enter" the loan payment - everything is zero.

tgregorymd

@Aeowyn agreed - I just double checked the Bill and Income Reminder and I'm seeing the same bad allocation behavior there. I usuaIly post my reminders from the list of upcoming reminders on the home tab and that is where I first encountered the issue. Editing the reminder looks fine, the allocation issue only occurs when you attempt to enter the transaction into the register.

NotACPA

This is getting weird. 

I just took a look at my Memorized Payee List ... and ALL of the split transactions are haywire. They've all lost at least the 1st category of the split and sometimes more category fields than just the 1st.

Mnlc90

I'm having the same problem, spent an hour on the phone with support.......who said she was not aware of the problem.....

I'm pretty certain Quicken is aware. I really hope this is resolved quickly, we deserve the very best in accurate record keeping from this company!

Mnlc90

Janean,
When do you anticipate this to be corrected? I am not as well versed as many people in the community, but I know enough to know this is very disappointing and should be a priority. I have multiple loans that I rely on to be accurate. Any disputes with interest, etc. could cost me.

Ted P

> @Aeowyn said:
> Hold on - let me modify what I just wrote - I've clicked on the reminder from the register (where there is a clock face) and it is bad, but if I go into Tools -> "Bill and Income Reminders" and select the loan payment from there - the allocation looks good.
>
> Thank you, I'll remember to do that. (OK so there are at least 4 ways to enter the loan payments)

I'm having the same issues as others with my payment reminders after the 46.12 upgrade; unlike @Aeowyn, I also have the same issue with the 'Enter Loan Payment' option.