Can't edit amounts in Mortgage Payment Transactions

Question

I have a mortgage account with automatic reminders set up. When the transactions show up on my bank account register, I am unable to edit the split amounts for the principal and interest without creating a duplicate manual transaction.

The reason for editing, the amortization calculation within Quicken is always off by a few cents and does not match what the correct splits are on my actual mortgage payment.

jacobs · Answer

I was only giving you a possible workaround suggestion if you didn't want to fight with the loan set-up.

Otherwise, I'll amend my earlier comment to say I don't understand why you can't edit the splits in your checking account once the transaction is posted (marked as paid). I just created a dummy loan, and I could edit the split values in the checking account transaction. Hopefully someone more versed in loans will jump in.

mbclpublic · Answer

I am sorry, but this solution does not make sense at all. I have a second mortgage with the same reminders set up, and I have no issues with updating the transaction splits to correct them, it is only an issue with this particular account. Regardless of where those values come from, if they are incorrect and one cannot correct them, they will always be incorrect for the life of the loan. I should not have to create a manual transaction to update and correct the interest and principal calculations that the internal loan calculator cannot figure out.

jacobs · Answer

The best option would be to see if you could tweak one of the parameters on the loan setup screen to get Quicken's split calculation in line with your mortgage company.

But another way to attack this is just to make a an adjusting entry: create a new transaction with an amount of $0, with two splits which adds the correct small amount to principal and subtracts it from interest, or vice versa. You can then make this a scheduled transaction to repeat each month, and and each month you'd jus mark it "paid" and adjust the split amounts as needed.