Having hard time using quicken for Mac - Mortgage Account Interest

Question

So I've been messing around, and it seems like my questions are answered but only for windows version. Had no idea windows Quicken and Mac Quicken are different.

I have 2 basic questions (I'm going to post Separately)

I had to setup my Mortgage account manually - Pentagon Federal CU, opened 3 years ago

* I entered starting date, mortgage amount, interest rate, duration,etc…
* I entered my current balance and it is reflected as "live balance adjustment"
* So far only 2 transactions shown. Staring Balance + large adjustment to reflect current balance.
* I started to manually enter transaction from Month 1, but then deleted. * I manually entered principal and interest payment details from my bank statements
* I realized my balance was falling very quickly (wish) - accrued interest was not being recognized. Entire payment went to offset the starting balance.

Question: How do you account for accruing interest? Otherwise it looks like my 30yr mortgage gets paid off in 10 :)

pbedrosin · Answer

jacobs, that was it! The key was the Bill Reminder. I set that up first and noticed right away that future greyed out March payment was only deducting the principal from the balance. Then I went into my first transaction on the fidelity account side, reverted payee name to downloaded payee to start from scratch, when I entered the PenFed payee it offered several pre-fill options I selected the "split" that was just created. Anyhow, everything is now reflecting correctly on both sides. Thank you!

jacobs · Answer

The split should be on the transaction in your Fidelity account, not in your loan account. That is, if your monthly payment is $3,000, you should have a Payment/Deposit transaction in your Fidelity account for -$3,000 with a split which is -$2,000 transfer to the loan account and -$1,000 interest expense.

Further, you don't need to create this split yourself if you set the loan up correctly. On the second screen (Bill Reminder) of the loan terms, you should specify your Fidelity account as the "Pay From" source of payments and set the "Reminder Type" to "Detailed Reminder":

Doing this, Quicken will create the split in your money market account, like in this example:

pbedrosin · Answer

I was able to connect the direct debit from my bank account, in this case Fidelity Cash Management, to my Pen Fed. When I activate the split fields is where is gets confusing. The direct debit is in the first like for the payment $3,706.77, the interest part of this payment is $1,929.11, as you can see in the screen shot, when I enter this is "Mortgage interest" is automatically changes the fidelity direct debit fro $3.7k to $5.6k.

The numbers are made up below, interest rate and payment won't make sense.