How Do I Adjust Principle and Interest

Question

The principle and interest allocations Quicken autofill's for the individual transactions doesn't match my car loan statement. I don't know or care why (maybe simple interest instead of compounded?) I just want the Quicken register to match my loan statements. I can't figure out how to force it to. Please advise.

NotACPA · Answer

Q's Loan Wizard is only accurate for MONTHLY interest accounts, such as traditional mortgages, where the Prin/Interest amortization can be calculated for the entire period of the loan at it's onset.It doesn't work for DAILY interest loans, which includes almost all auto loans, where the amount of interest due next month is partially dependent upon what day of this month you make the payment.

Tom Young · Answer

If you've set the loan up as a manual loan, meaning that the loan Account isn't receiving downloads from the lender and the Quicken loan "wizard" is making automatic entries into your checking Account - some amount of principal and some amount of interest - it would seem you could simply edit the checking Account entry to mimic whatever the actual payment and actual split between P & I.  That doesn't work?