Linking Offline Mortgage to Offline Checking Account

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dpdapper
dpdapper Member

I'm a nubie Quicken user, (Windows ver. R51.12 HF1) so be gentle.

I'm trying to add an offline mortgage and link it to an offline checking account so that when a payment is made (1) the mortgage balance is reduced, (2) the payment is reflected in the checking account register, and (3) the principal and interest are properly allocated to both the mortgage's P&I buckets and to the appropriate expense categories.

The loan is set up and a reminder created that shows the payment coming from the checking account. When I enter the payment from the bill reminder page, the payment is properly reflected in the checking account register and the P&I are properly allocated to their respective expense buckets, but the payment isn't appearing in the register for the mortgage or reducing the loan balance.

What am I dong wrong?

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  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    This is called a mortgage payment and is recorded as a split transaction with part of the split being a transfer to the mortgage account and part being the interest expense,

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
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    This answer by @UKR shows a loan payment transaction with splits for principal, interest, additional principal, and escrow. Note the name of the loan account is enclosed in square brackets, that causes the amount to transfer to and pay down the loan amount. You’ll need to click on the blue date to go to the answer post.

    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the Quicken Windows FAQ list

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