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Can't add new loan for existing institution

I took out a car loan from my credit union last November. I manually created a loan account for this. I have my other accounts downloading transactions, and I now want to download the loan payments also. The loan won't allow me to add a download from the loan details. If I use the + to add a new account, I can't link the loan to the existing loan. If I tell it to create a new account, it then automatically checks the "Automatically hide in transaction lists", so I can't update my past payments to target the new account - there is no transfer account for the new loan listed. How can I get the downloads working correctly?

Answers

  • Quicken Jasmine
    Quicken Jasmine Moderator mod
    Hello @don.kostello,

    Thank you for reaching out to the Quicken Community, though I do apologize that you are experiencing this issue. 

    Before I can further assist you, I require some more information. Which financial institution are you experiencing this issue with? What is the connection method with said financial institution? You can see the connection method by navigating to Tools > Account List. Do you receive any error codes or messages when trying to add your loan account?

    I look forward to your response. 
    -Quicken Jasmine
  • UKR
    UKR SuperUser ✭✭✭✭✭

    Just my 2cents' worth …
    I would not bother attempting to activate any loan or mortgage accounts for downloading. I would just simply set them up as "offline" (manual) loan accounts with a Scheduled Reminder to record the monthly payment from your checking account. 
    (Not discussing LOC or HELOC accounts here. They should be set up as credit card accounts)

    At least in Quicken for Windows, an online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.

    As a result of being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead. The category seems to vary with the Loan Type you selected when creating the loan account in Quicken.

    Effective with Quicken Windows 2018+
    you can deactivate an online-connected loan account and regain full control over your transaction register.  However, you should still review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not to a Category.

    If you're a Q Mac user, you should be able to do something similar about setting up and maintaining an offline mortgage account together with a correctly calculated Scheduled Transaction Reminder for the monthly payments from your checking account

  • don.kostello
    don.kostello Member ✭✭
    @Quicken Jasmine My credit union is Alltru Credit Union, and it connects using Express Web Connect. No errors show when adding the account, it just seems to add it in an un-helpful state.
  • don.kostello
    don.kostello Member ✭✭
    @UKR - interesting info, and the type of thing I was trying to find out by setting up the downloads. I find the lack of a register disturbing
  • UKR
    UKR SuperUser ✭✭✭✭✭
    @UKR - interesting info, and the type of thing I was trying to find out by setting up the downloads. I find the lack of a register disturbing
    For best results I recommend you do not connect a loan / mortgage account for downloading. Only an offline account has a full transaction register. The Scheduled Reminder, when set up correctly, has all the loan payment details with (mostly*) correct principal and interest amounts every month.
    * For Automobile Loans you will have to adjust the principal and interest amounts by a few cents every month. Unlike mortgage accounts, automobile loans are calculated differently by the bank. Review the bank statement to see what they actually recorded and edit your payment to keep the balance in sync.

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