Why can't I post a payment to a Property & Debt loan?

Question

I loaned some money to a friend and have a monthly amortization set up for repayment under Property & Debt.

When I try to post the payment to the ledger, it will not accurately reduce the principal balance by the principal portion.  Nor does it advance the payment due date.

Please

Boatnmaniac · Answer

Yes, you must use the Income Reminder that Quicken generated when you set up the lender loan.  That Reminder will calculate the amortization amounts and properly decrement the loan balance.

Alternately, you could enter your own split category transactions each month in which the deposit amount is $500 and the 1st  line of the split category is a transfer to the loan account….[Javier Gomez Loan]…for the calculated principal repayment and the 2nd line of of the split is the interest category for the calculated interest income amount.  But this can get to be pretty time consuming because you will need to be calculating and entering the different amortizations for each payment received each month.

Using the Income Reminder Quicken generated is just a very simple click on the Enter button each month and Quicken takes care of it for you.

Quicken Kristina · Answer

Thank you for your reply,

To clarify, are you entering the transaction directly in the register, or using the reminder to enter it?

When I tested in my Quicken file, entering the transaction directly into the register produced the same behavior you described.  The information updated correctly when I used the reminder to enter the transaction.

Thank you!

YeseniaC · Answer

It has been an issue ever since I set up the Loan Account.  I post the payment but it does not advance the next due date, nor does it amortize the payment.