Payment due date advancing incorrectly

Robert Armani

Why is the payment due date advancing incorrectly, and there's no way to fix it?

Boatnmaniac

There is no way that anyone can answer your question. It would be helpful if you would provide more details about what you are seeing, how it is advancing and what you are doing when you see this happens.

Robert Armani

Hi Boatnmaniac, thanks for your response.
The issue is, when a payment is made the bill advances to the next due date. However, if you decide to make another payment in the same month, it advances to the month-after. It automatically assumes that the next month's payment is made.

I think it should ask whether it's a payment for next month or an additional payment for the same month before assuming.

There's no way after making the payment you can fix the date.

UKR

Are you making extra principal payments on a loan or mortgage?

Any Scheduled Reminder is set up to advance from one planned instance to the next one when you record the reminder. For example, a reminder set to occur monthly on the 1st day will advance from 1/1 to 2/1 to 3/1 to … every time you record a payment.
To make an extra payment, e.g., on the 15th … you can do that using the reminder, but then you have used a monthly payment instance and would have to reset the next instance back to the next planned monthly date: used 1/1, used 2/1 for extra payment on 1/15, now must reset next due date from 3/1 to 2/1

Alternative: Don't use the reminder making extra payments. Instead set up and use a Memorized Transaction which is an exact copy of a reminder's payment transaction, with the exact same category splits as the others. Adjust split amounts as needed, e.g., Principal $500.00, Interest $0.00, Escrow (optional) $0.00

Boatnmaniac

https://community.quicken.com/discussion/comment/20476299#Comment_20476299

@UKR's suggestion regards Loan Reminders and it works well. Just make sure that if the additional loan payment does not include interest to adjust the split categories to remove the interest amount and increase the principal amount accordingly. Otherwise Quicken will perform the loan amortization recalculation incorrectly.

What I have done when making an additional Loan payment reminder: Simply enter a manual payment transaction into my checking account for the amount of the principal and make the category a transfer to the loan account. Works great. The loan account captures it correctly and it does not mess up the recurring scheduled Loan Reminders.

This same process can be used with any kind of bill payment, whether it is an additional loan payment, an additional credit card payment, and additional medical bill payment or whatever. But if the additional payment is going to a biller that you do not have set up as an account in Quicken, instead of using a transfer category be sure to use the appropriate non-transfer category for it.

Robert Armani

The issue only happens when a payment is made by QuickPay option. Let's say I made a payment with the QuickPay when it's due and decided to make another [extra] payment using the QuickPay, the due date advances to the month after. And so on….

The only time it wouldn't advance, if I use the manual option, like transfer from the register.

The suggestion is to add a question like, is this an additional payment? Or something like that.

Boatnmaniac

https://community.quicken.com/discussion/comment/20477029#Comment_20477029

Ah, this is a QuickPay issue. I do not use Quicken Bill Manager (neither QuickPay nor CheckPay) so that is something I cannot test nor speak to. I have no understanding of how QBM interfaces with Bill Reminders. Sorry but I'll need to bow out and hopefully someone with QBM expertise will weigh in on this issue soon.

Quicken Kristina

Hello @Robert Armani,

To clarify, is this happening when using Quick Pay to pay a reminder that is set to the monthly interval? What you're describing sounds like expected behavior, since making the payment the first time causes Quicken to see it as paid and advance the due date. Then the second payment is seen as a payment towards that updated due date.

I look forward to your reply!