Setting up a LOC for a Home on Q Mac?

Not sure if this is the correct forum. I have Quicken Classic Deluxe for the Mac.

I have mortgage. I opened a Line of Credit for the mortgage, so in a sense I have a 2nd mortgage. Both are with Community America and automatically sync from CA. First mortgage works fine. The second one is set up as a Credit Card (I probably did that or it was done with I set up the account(.

When I make a payment to CA Line of credit from my CA Banking account, I cannot determine how to split the transaction, such that of the $200 payment, most is applied to the principle but there is some applied to interest expense. I keep having to adjust the register to get it to reconcile.

Again, possibly I set this up incorrectly.

I don't mind setting it up again, as long as I know what to choose when I do so.

Any help would be greatly appreciated.

Bryan

Best Answers

  • Jon
    Jon SuperUser, Mac Beta Beta
    Answer ✓

    Quicken isn't going to figure out the interest for you on this type of account, it only does that for regular loans like mortgages or car loans that have a set starting balance & fixed payments. So you're going to have to figure the interest yourself, and that probably will mean adjusting the interest expense when you get your next statement.

    Quicken Mac subscription. Quicken user since 1990.

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Answer ✓

    The amount of interest is added to the LOC account's total balance due by your bank as a separate transaction every month, isn't it?
    You should record this in the LOC register and categorize to Interest Expense.
    After that, everything is Total Balance Due.
    Your monthly payment from checking is a simple transfer of total balance due, minimum balance due or however much you want to pay off this month.

Answers

  • Jon
    Jon SuperUser, Mac Beta Beta
    Answer ✓

    Quicken isn't going to figure out the interest for you on this type of account, it only does that for regular loans like mortgages or car loans that have a set starting balance & fixed payments. So you're going to have to figure the interest yourself, and that probably will mean adjusting the interest expense when you get your next statement.

    Quicken Mac subscription. Quicken user since 1990.

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Answer ✓

    The amount of interest is added to the LOC account's total balance due by your bank as a separate transaction every month, isn't it?
    You should record this in the LOC register and categorize to Interest Expense.
    After that, everything is Total Balance Due.
    Your monthly payment from checking is a simple transfer of total balance due, minimum balance due or however much you want to pay off this month.

  • Thank you very much to both of you.

    I understand.

This discussion has been closed.