Problems with loan account

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This discussion was created from comments split from: Problems with loan account.


  • MK_
    MK_ Member

    So far I have not seen a reliable answer to this problem. The problem statements above seem simple enough but the answers seem like guesses. Let me simplify and those asking the questions jump in to clarify if necessary:

    1. we set up the loan account in Quicken
    2. we downloaded transactions as part of the 'download' functions — manual or automated
    3. we did see our transactions in the past until one of these updates trashed (broke) it
    4. Now Quicken has locked us out with the statement "LOAN IS PAID OFF" — we no longer SEE or can ACCESS the transactions.

    Since the loan is NOT paid off, we'd like to see the transactions that we saw BEFORE one of those updates. Any help to truely remedy the problem is definitely appreciated.

  • MK_
    MK_ Member

    One more add — I turned off updating (downloading automatrically), got into the transaction tables. Removed all spurious entries (Quicken or manual adjustments) and matched statements from my banking institution. Closed Quicken, restarted, and reactivated downloads — Same problem. "LOAN IS PAID OFF" and NO access to the transaction tables or details about the account other than the standard methods. So, deactivated it again and restarted Quicken to get the transaction tables again on an loan account that is NOT paid off. See my prior post if you want to see what the issues are and the questions to be answered.

  • UKR
    UKR SuperUser ✭✭✭✭✭

    Just my 2cents' worth …
    In that case I would suggest not attempting to reactivate your loan or mortgage accounts for downloading. I would just simply maintain them 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 offline 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 name seems to vary with the Loan Type you selected when creating the loan account in Quicken.

    Effective with Quicken Windows 2018 and newer
    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.

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