loan question

Question

I am 4 years into a 10 year loan I'm tracking in Quicken for windows (R67.10). The amounts were all off so I manually corrected 47 transactions per the principle and interest from the bank. My payment schedule shows the next payment as 389.26 principal and 153.92 interest. When I go to edit payment details it shows principal as 389.33 and interest as 153.92 a difference of .04. and it doesn't allow me to fix it. How do I get this to track correctly

NotACPA · Answer

@jtobia846 What TYPE of loan is this?  Is it a traditional mortgage (which Q's Loan Wizard can track very accurately) OR is it an auto loan or some other type of personal loan?

Mortgages are "Monthly Interest" loans, where Q can calculate the entire amortization of the loan when it's first set up.

Auto and other personal loans, are almost always "Daily Interest" where the prin/int split on any payment  largely depends upon when the  prior payment was recorded … and Q really can't accurately calculate these at all.

Quicken Anja · Answer

Hello @jtobia846,

Thank you for reaching out!

To help us better understand what may be causing the discrepancy, could you please provide a few additional details?

* Has this always been a loan account you track manually or a loan connected to a financial institution for downloads?* If connected—please include the name of the financial institution.

* Did the difference begin only after you manually corrected the 47 transactions, or was it present before those edits as well?

If possible, please also provide screenshots of:

* The Edit Loan and Payment Terms window showing the current payment details.
* The Payment Details screen where the principal amount shows as 389.33.
* The loan register showing the most recent corrected transactions and the next scheduled payment.

If needed, please refer to this Community FAQ for instructions on how to attach a screenshot. Alternatively, you can also drag and drop screenshots to your response if you are not given the option to add attachments.

Please be sure to redact any personal or sensitive information before posting screenshots.

Thank you!