How to Correct a Mortgage schedule that is off by one month?
Answers
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I haven't used Loan function in Quicken in a long time. However, I was able to play in a Copy of my desktop Quicken Premier and simulate your situation.
CAUSE OF ISSUE- I think the fix is with your PAYMENT account register: You may have either a missing or damaged payment entry for April or you may have Skipped the loan Reminder for April.
From my testing, I confirmed that trying to reset the Reminder back to April doesn't work to make the View Payment Schedule dialog correct, next=April. Drat!
FIXING THE PROBLEM***-
1) Before going any further, I'd open the View Payment Schedule dialog on your loan and take a screenshot... because I believe that is the only place you can see the amortization breakdown (principal & interest {p&i}) Quicken is expecting next. I think keeping that right might be important.
2) Then, work on fixing or entering your April payment. I tried fixing the entry I blew up on purpose (by deleting the split categories), but found it obnoxious. So, I deleted the transaction and re-entered it. --> With my test, Quicken created a special memorize Payee=Loan. So to manually enter April, I type that Payee in the register and that triggers Quicken asking me for the values of principal and interest of the payment. I use number for April from the screenshot from Step 1.
3) Once the April payment is entered, check the View Payment Schedule again; hopefully it is resolved.
4) Then, check on your Reminder, making it for May2023.
***NOW ALL THIS SAID- I remember with my real car loan (long ago), my Reminder's p&i got out of sync with Bank actuals and I always had to manually fix them after each bank download. I hope that won't occur for you! I seem to remember that if I manually triggered the Reminder, it had static p&i values. But if I did a bank download, it would find the static Reminder and update the p&i to the right combination. Anyhow, I digress... Hopefully you won't be adjusting things until 2050! <-- If concerned about the fix and outcome, I'd test run my ideas in a copy of your Quicken database first.
Good Luck n let me know how it goes.
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Did not work. All it did was change the next payment due date to June now. The April payment is now showing as paid and the May payment is missing. There is something wrong with the backend of the program. Deleting the loan and re-entering it is not a solution either as it loses all the history. Also, it is not linked to the bank account site, as that had created other issues that were even more difficult to resolve. My bank tends to send a statement every time something occurs, i.e. payment, escrow payment, or change. Quicken does not like that and does not handle updating correctly, so I don't link it any more.0
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Hello @PERacing,
Thank you for reaching out to the Community and telling us about this issue. I'm sorry to hear you're running into this problem. That Loan Schedule in your screenshot is derived from the Loan Details and Loan Payment information. Have you verified the information in those sections is correct?
Thank you.
Quicken Kristina
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Everything is correct except for the one missing month. If the 1 May payment was correctly showing 1 April, then everything else would be correct and the total loan would be correctly showing as being paid one month earlier than it is currently showing. Why it is pushing the 1 April payment to 1 May is the issue.0
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Thank you for your reply,
Based on your earlier post, you already tried putting the April payment into the payment details section and that caused it to skip May. That isn't the expected behavior, assuming that the loan details are all correct. I suggest that you please try validating and/or super validating your data file. However, I do recommend that you first save a backup file prior to performing these steps.
Validate:- File
- Validate and Repair File...
- Validate File
- Click OK
- Close the Data Log
- Close Quicken (leave it closed for at least 5 secs)
- Reopen Quicken and see if the issue persists.
If the issue persists, proceed to Super Validate. If the issue is resolved after performing validation, then please disregard the instructions to Super Validate.
- File
- Hold CTRL + Shift and click Validate and Repair File...
- Super Validate File
- Click OK
- Close the Data Log
- Close Quicken (leave it closed for at least 5 secs)
- Reopen Quicken and see if the issue persists.
Thank you
Quicken Kristina
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Sorry this has become so laborious! Drat.
Can you go to your payment register (i.e. I'm paying my loan from a Savings account) and change the date on the 1May payment transaction to read 1April? In my testing, when I adjusted the transaction date on the THE LAST PAYMENT to the Loan, it automatically adjusted the 'Edit Payment Details' date and corrected the 'View Payment Schedule' info to show a payment above the 'Future Payments' bar .
OR, rehashing at little: When you look in your payment register are you seeing loan payments for 01/01/2023, 02/01/2023, 03/01/2023, and 04/01/2023? And if so, do they all have the same split categories in use?
A successful payment in my Savings register (i.e. those which successfully input data above the 'Future Payment' bar on the 'View Payment Schedule' on the Loan account screens) show split categories of:
-[Car Loan], $populated with amount which is principal deductions from the loan. <-- This is the loan 'Account' which is on your Account List just like a Check account would be. THIS ENTRY MUST BE PRESENT to link the payment to the Loan account*.
-Category: Loan Payment:Interest, $populated with amount which is interest deductions from the loan.
*It appears having the row to the [Car Loan] is the critical connector. It can read $0 and your payment might only show $ in Category: Loan Payment:Interest. But if [Car Loan] is missing, then Quicken doesn't know it's a Car Loan payment. <-- I tested this by removing the [Car Loan] as a split category... then the Loan account was missing that payment.
So now, on my screens:
- In my Saving register, see 01/25/23, 02/25/23, 03/25/23, 04/25/23 payment transactions, all with [Car Loan] in the split categories. {I don't have a Reminder in the register (it had unchanging P&I amounts, unhelpful)}.
- In the Loan Register (since last payment in Savings register was 04/25/23) I see:
= Edit Payment Details shows next date of 05/25/23
= View Payment Schedule shows Jan, Feb, Mar and April above the 'Future Payments' bar. Below bar show next payment due on 05/25/23.
Hope this helps. I'm out of ideas without seeing all the pieces of your specific situation. Good Luck!1 -
@Quicken Kristina
Neither of those procedures worked. Still the same issue.
@Wind_Woman
I really appreciate you trying to help me. I did provide a screenshot in my original post and as you can see in that shot, I go from 3/25/2023 payment (1 March was late) above the future payments line, to the next payment being 5/1/2023 immediately after the future payments line. April is completely missing and nothing that I do to fix that date will work, including everything you and Kristina have provided. Many I have already tried. I even deleted the 3/25/2023 payment and tried again to show the next payment date as 3/1/2023, but that will not work either and will then show that the last payment was 2/18/2023 with the next payment being 5/1/2023, so then 2 months are missing. I manually add the 3/25/2023 payment and then we are right back to where we started. I even tested voiding the 3/25/2023 payment, but that works exactly like deleting. I am totally convinced that this is a programing issue that is somehow related to the most recent update, as that is when this issue seemed to have started. I am totally confused right now.
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Thank you for your reply,
Did this issue start after you updated your Quicken? Have you tried restoring a backup from just before the update to see if the issue happens in that restored file?
Thank you.
Quicken Kristina
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Sorry nothing I provided helped. Just feels like some combination of what's in the register and what's on the Edit Loan details should get it resolved. Oh well, guess not. Dratto! Good luck.1
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@ Quicken Kristina
Yes, It actually started back in January. I did try restoring a backup version prior to the January update, but then once I enter the January payment (again, it was 11 days after the 1 January date), it then started skipping the following month, regardless of what I answered to the question (is this your schedule payment of 1 January). If answered no, it skips. If I answered yes, it skips. I do have an IT ticket opened with IT support now, Ticket T1-IN - 10138251
@Wind_Woman really do appreciate your attempts to help.0 -
Thank you for the update @PERacing,
I can see you did some troubleshooting with one of our chat agents, but it sounds like they weren't able to resolve the issue. The next troubleshooting step I'd recommend is create a new manual loan account in your file and set it up so that it mirrors the information in the problem account. Make sure to backup your file prior to adding the new account. To create a new manual account, go to Tools>Add Account, select the Offline Account tab and then choose the appropriate account type. Once you choose the account type, it will ask you to fill in the information it will need to set up the account.
This will narrow down if the issue is happening only with that one account or if it also happens in the new account. If its limited to just the one account, the simplest solution would be to use the new account going forward and either delete the old account or mark it as separate if there's anything you need to keep for historical purposes. To mark an account as separate, go to Tools>Account List. Select the Edit button next to the account. Choose the Display Options tab. There are 3 options you can select that will allow you to separate and hide the account.
Thank you.
Quicken Kristina
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