How to import an auto loan or other loan from a .qfx file

yaguirre

I'm working on data import for financial purposes and I would like to know how a QFX file should be structured for importing loan accounts.

However, I'm unsure which tag to use: BANKMSGSRSV1 or LOANMSGSRSV1. Could you please share an example of how the relevant section in a QFX file should look when importing loan accounts? This would greatly help me ensure that I am interpreting and structuring the data correctly.

Chris_QPW

This is not possible, Quicken has never supported importing loan information using QFX/OFX loan fields.

You can do what some financial institutions did before Quicken implemented their ideas of how downloading of a loan account should work. And that is the financial institutions just told Quicken that the loan account was a checking account.

Quicken's implementation of downloading loan accounts is exclusively through Express Web Connect. What's more the account register is completely hidden from the user in this mode.

When people asked for downloading of loan accounts years ago (and for many years) I believe that though it would just work like downloading a checking account where one would accept the transactions in the Downloaded Transactions tab (BTW the change pre-dates being able to have downloaded transactions directly entered into the register).

But that isn't what Intuit implemented, probably because they want to solve another problem they had at the same time. At the same time people were complaining that the Loan Scheduler couldn't handle all the crazy different kinds of loans the loan companies have come up with. So, instead of trying to expand that they changed to "Download the information from the financial institution and believe whatever they send." In effect, Quicken doesn't have to know how to calculate the loan schedule because it comes from the financial institution. And in the same vein they felt that it was too dangerous to let the user "fix things".

NotACPA

What financial institution holds the loan? Because THAT's what determines whether you can import into the account.

yaguirre

https://community.quicken.com/discussion/comment/20381460#Comment_20381460

Thanks for your answer.

I work for a financial institution that will be linked to Intuit, it is possible that it is not enabled to load loans yet and that generates the error. Do you have an example of a loan to load and a financial institution where I can try? I will only upload the file locally, I will not sync

NotACPA

No example, because you'd need an account with such an FI to try it. But you can probably look in Q HELP for more info.

Chris_QPW

This is not possible, Quicken has never supported importing loan information using QFX/OFX loan fields.

You can do what some financial institutions did before Quicken implemented their ideas of how downloading of a loan account should work. And that is the financial institutions just told Quicken that the loan account was a checking account.

Quicken's implementation of downloading loan accounts is exclusively through Express Web Connect. What's more the account register is completely hidden from the user in this mode.

When people asked for downloading of loan accounts years ago (and for many years) I believe that though it would just work like downloading a checking account where one would accept the transactions in the Downloaded Transactions tab (BTW the change pre-dates being able to have downloaded transactions directly entered into the register).

But that isn't what Intuit implemented, probably because they want to solve another problem they had at the same time. At the same time people were complaining that the Loan Scheduler couldn't handle all the crazy different kinds of loans the loan companies have come up with. So, instead of trying to expand that they changed to "Download the information from the financial institution and believe whatever they send." In effect, Quicken doesn't have to know how to calculate the loan schedule because it comes from the financial institution. And in the same vein they felt that it was too dangerous to let the user "fix things".

yaguirre

https://community.quicken.com/discussion/comment/20381513#Comment_20381513

Thank you for your response!!