How to make a loan account appear correctly.

jberning
jberning Quicken Windows Subscription Member ✭✭
edited March 15 in Download, Add/Update Accounts (Windows)

I have a mortgage loan that I am attempting to import to Quicken. If I import it as a 'banking' account, it (correctly) shows a negative balance, but I cannot associate it with the asset (property asset). If I import it as a 'loan' account type, I can associate it with the asset, but it incorrectly shows the loan as paid off with a net positive balance. How can I import this account as a loan account with a (correct) negative balance?

Answers

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Try not to connect the account to the mortgage company for transaction downloading.
    An online connected mortgage account does not have an account register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.

    As a result of being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead. The category name seems to vary with the Loan Type you selected when creating the loan account in Quicken.

    Effective with Quicken Windows 2018 and newer
    you should be able to deactivate an online-connected loan account and regain full control over your transaction register. And you should also review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not to a Category.

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