Need Help Setting Up Manual Mortgage

SkyPigPilot
SkyPigPilot Quicken Windows Subscription Member ✭✭
edited March 2023 in Registers & Transactions (Windows)
Hello, I decided to switch my mortgage account to a manual one for more control. My loan is only 2 years old, so I deleted my old/linked account, and set up a manual one. I recreated all of the previous payments, but I'm having trouble figuring out how to get only the principle amount to count against the loan. Currently, the entire payment amount (P, I, and escrow payment) are properly categorized, but the whole amount is being substracted from the principle of the loan. Thanks.

Rick Timms
Quicken Deluxe for Windows

Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Use Q's Mortgage Loan Wizard to set up your payments.
    it will create a split transaction where the 1st line of the split is a transfer to your Mortgage Loan account, the 2nd is a payment to your home  interest expense category and subsequent lines, if needed, are for your escrow account.
    It sounds like that 1st line of your split is to a category, rather than to the Loan account.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • SkyPigPilot
    SkyPigPilot Quicken Windows Subscription Member ✭✭
    Thanks for the reply. I attached some screenshots. I'm think I have it set up to the loan, not a category, it has the [] around the name, and I don't have a category set up with that name. But, I could have that all wrong.

    If I use the loan wizard, will it let me set it up as a manual loan, not connected to the bank?

    Thanks, Rick
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