Rental Mortgage Payments / Liability account
In my rental property bank account I am entering the monthly mortgage payment as a split transaction to track interest expense separate from principle. I have the rental mortgage liability account linked (I think) under my rental property. How do I get the payments to auto reduce my liability mortgage account principle? NOTE - I am unable to auto download for the liability/mortgage account. I setup that account manually.
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So you're entering a split mortgage payment - some amount of interest, some amount of principal - but the liability on your balance sheet isn't being affected? It sounds to me like you might be using a Category here, something like "Loan Payment:Principal" as opposed to a Transfer [Name of Mortgage Account].
Is that the issue?
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I am having a similar problem with my mortgage account and with a car loan. There are the same entries, some amount of principal and some amount of interest but Quicken only recognizes the gross amount of the payment and as a result, doesn't reduce the loan amount accordingly.
What may I be doing wrong???
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@Cmack @ts11rtrd
Please post a picture of your splits.
Absent some sort of Quicken bug or some other error an entry that is properly shown as a transfer to a loan Account should reduce the loan's balance. If you're making entries that aren't accomplishing that then my first guess is "user error" in that you're using a Category instead of the Account name surrounded by square brackets [NAME]. If you use a Category then you should be seeing that portion of the entry in a Spending report.
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