New Loan Opened in Quicken Shows as Paid Off,

Barry E Jackier

Hi, I just opened a loan account and added it to quicken. When I navigate to the loan account it shows "Loan Paid Off". Nothing I try to do will delete that status. I have deactivated and reactivated it; I have deleted it and reinstalled it, and I have tried to find work-arounds. Nothing helps. Is there a way to show it as an active loan? It is active in the loan bank.

Tom Young

You've clearly established this loan as a "downloading" loan. Search this forum and you'll find this complaint comes up frequently. This information is typically downloaded using one or the other of the Express Web Connect downloading method and for whatever reason this method is not terribly reliable, not infrequently resulting in what you're seeing. Downloading loans also have no loan register that you can affect as the fiction is that the loan company is always going to send you "perfect" information, but that's not always the case. (This goes back to the unreliability of EWC, not that the loan companies don't know what they are doing.)

Personally I see absolutely no point in making a loan a downloading loan; the only information that's downloaded is principal payments, not interest, not escrow, and all that information is available to you over in the checking Account you're using to make monthly payments. You can reverse your decision to go with a downloading loan by simply deactivating the Account from downloading. That should give you access to the loan register. "Good housekeeping" here does dictate that you periodically check to see that the balance of the loan Account agrees to the lender's statement.

UKR

I would also recommend you do not activate a loan account, whether it be a mortgage, auto loan or line of credit account.
There does appear to be a problem in Quicken where line of credit accounts with a zero ($0.00) balance are marked as paid off … which isn't true. A LOC account, just like a credit card, can have money taken out and paid back multiple times throughout the account's life.

An offline loan account will have a register available for you to view and, while at balance $0.00, will not be marked as "paid off".
If you haven't done so already, deactivate the account, keep it offline and maintain it manually.