Re-categorize loan and principal payments.
I have a loan which shows the downloaded payment from my checking account as a (transfer). I would like to figure out a way that I can list (divide) a portion of the gross payment from my checking (transfer) into A) Interest amount and B) Principal amount without affecting the gross payment that I made. The total (gross) payment was reconciled. Any way this could be accomplished?
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The bank that's downloading the information to your Quicken Account really has no idea about that principal/interest split, even if the loan is at that bank.
If the full amount of the payment is downloaded as a transfer to the loan Account then there's two things you can do here:
- After the transaction shows up in the Account you click the little "down arrow" icon in the Category field, click the "Split" button, and in the "Split Transaction" window you make the allocation between principal (the transfer portion) and a mortgage interest expense Category.
- You set up the loan in Quicken using the Quicken loan "wizard." The wizard will create an amortization schedule and a Reminder. Allow the Reminder to automatically post in the check Register, on the due date, "X" number of days before the payment is due. When the payment is downloaded from the bank Quicken will find it "Matched" to that payment transaction, with the proper split.
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Thanks, Tom, for the advice. I should have mentioned that this loan is a Home Equity loan and the interest and principal varies from month to month. I took your suggestion regarding the splitting of the downloaded bank transfer from my checking account. Worked fine as I was a bit concerned that by doing so it would goof up the actual amount which was transferred from checking register. My error was hitting the "adjust" option in the split window. Double checked and I was able to see and generate reports for interest and principal.🤑
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