Car loan has incorrect entries and balance

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I entered my car loan in Quicken four years ago and have been manually entering my monthly payments (principal and interest). Looking at the Payment Schedule, everything was working fine until after payment 20 on 1/20/2021, strange adjustment ("Adj.") started showing up. 1/31/2021 13,897.02 under Principal Paid, bringing my balance to 0. Then there were a couple of negative Principle Paid entries that match my actual payment, erroneously keeping my balance at 0. Then on 4/4/2021 a -12,941.58 Principle Paid entry appears, ballooning my balance to that positive amount. And since then, with every actual payment I enter, there is an offsetting Principle Paid negative Adjustment that matches my actual positive principle payment, keeping my balance at the mysterious 12,941.58.

How do I get rid of these crazy Adjustment entries?

Note: I actually just paid off my car, so I could just delete the debt account, but I would like to have accurate history.

Thanks.

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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited May 2023
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    I've seen these sorts of posts before, but for whatever reason the OPs never seemed to follow up in repose to comments made by others in order to help fix the situation.

    The only logical reason I can come up with for what you describe is that the loan Account somehow got converted from a pure manual loan, where only principal entries you make in your checking Account or direct adjustments you might make in the loan register itself affect the loan balance, to a downloading loan and the downloads got screwed up, as they are prone to do. Once a loan is converted to a downloading loan then any erroneous information downloaded could result in some sort of adjustment I guess because the loan balance is considered "incorrect."

    Is this loan a downloading loan, connected to some financial institution?

  • UKR
    UKR SuperUser ✭✭✭✭✭
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    Have you reviewed the transaction register in your loan account for missing or duplicate entries?
    Ditto for the checking account register where you made the loan payments from. Any duplicates? Any missing entries? Any Splits that did not correctly transfer Principal from Checking to Loan account?

    Are you Syncing to the cloud for use with Quicken on the Web or the Q Mobile app?
    If so, it's quite possible that a bug in the Sync process messed up these transactions and/or the account's Opening Balance.
    If it did, turn Sync off and keep it off until further notice, to prevent more problems.
    Manually correcting the messed up transactions to get your loan balance correct will be the only way to fix things.

  • DavidEwing55
    DavidEwing55 Member
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    Tom Young - thanks for replying. No, I have never hooked this up to the lender, so no information was ever downloaded.

  • DavidEwing55
    DavidEwing55 Member
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    Tom Young and UKR - I was mistaken. It actually is set up, or was converted to, an online loan account. I have always entered everything manually, but looking at the loan, I do see the text "last download September 21, 2020". Oddly, no duplicates or errors occurred until a few months later when everything went off the rails. As I see it, since it is not a manual loan account after all, I have no means for correcting the register. That appears to be a read only window that opens with Payment Details > View Payment Schedule. Is that correct?

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
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    @DavidEwing55

    Yep, you have no register with a downloading loan. The conceit here is that the lender is always right and you're always getting the correct information so why do you need a Register? Disconnect the loan from downloading and you'll get access to the Register.

This discussion has been closed.