Handling loan payments, splits, and both accounts being connected

dsmith2023 Member

I am using the latest release of Quicken on my Mac. Both my checking account and auto loan account are connected, and transactions are being pulled in automatically.

However, after adding my auto loan, I noticed duplicate entries for each month, including two principal payments and two interest payments. There is no entry from my checking account to the auto loan account, and the payment to the auto loan bank from my checking account is not split.

I want to resolve this issue. If I try to do a transfer from my checking to my auto loan account, it results in three payments for each month in the loan account (two from the auto loan bank and one from my bank's synced entry).

I suspect the auto loan bank's display on their website might be causing the issue, as I see three entries for each month's payment online. See the screenshow below which is taken from my bank account's website.

Thanks in advance.

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  • dsmith2023
    dsmith2023 Member

    Apologies as it looks like my screenshot did not upload correctly. I've attached it here just in case.

  • UKR
    UKR SuperUser ✭✭✭✭✭

    I assume you have set up the loan to be paid by the loan company making an automatic debit from your checking account.

    IMHO, the best way out of this situation is to
    - take the loan account offline (deactivate/disconnect it)
    - use the Scheduled Transaction Reminder created by the loan setup process to record the monthly payment a couple of days before Due Date. Make sure it correctly transfers Principal amount to the loan account register. This reminder should not be set up to make an online payment.
    - after Due Date, when the next download receives transactions from the checking account, you already have a correctly categorized Split transaction (principal, interest) in your checking register. Quicken will match the downloaded transaction to the already existing register entry. If it doesn't, drag and drop the downloaded transaction over the register entry, to eliminate the duplicate.
    - compare the amounts paid this month to the statement's amounts for principal and interest. Calculations made by the loan company may differ slightly from what Quicken has calculated. Make adjustments as needed, to keep loan balance in sync.

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