nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

HELOC Rate Lock problem

Nemo

I recently did a Home Equity Line Of Credit Rate Lock to enable me to pay off the loan (monthly payments were being applied as two-thirds interest and one-third principal). To lock the rate the credit union paid off the existing HELOC internally (i.e. their funds) except for a final interest payment. My problem is that Quicken Classic for Windows 11 sees the credit union payout as income, and the payoff as an expense thereby wilding skewing my figures for the month. Any suggestions for categorizing these items would be greatly appreciated.

Find more posts tagged with

Comments

NotACPA

If you use the same category for the income and expense items, they'll net out and won't impact your monthly figures.

Unless, of course, they happened in different months …but even then they'll net for the year.

UKR

Did @NotACPA 's response help you solve your problem?
If not, please show us the transactions you have entered into your Quicken account registers to review and to suggest alternatives.
For example, if the old HELOC account was closed and a new HELOC was opened in its place, a Balance Transfer transaction between the two accounts will be in order. Of course, the new HELOC would have to start with a $0.00 Opening Balance transaction.

How to attach image snapshots to Community posts

Sometimes a picture is worth a thousand words …
Can you please capture one or more images of the parts of your Quicken window
showing the issue, sensitive information blacked out as necessary to protect
your privacy but annotated to describe the situation, and attach the image(s)
here?
How do I post a screenshot in the community from windows

How do I post a screenshot in the community from a mac

Please save images to files of file type PNG or JPG only. They're easier to work with than PDF files.