I have been setting up Quicken Classic for Windows, Business and Personal Mortgage acct

SSGroom

What is the best practice to use and the process for monthly posting if the payment is initiated by my bank and shows up in my checking account without splits. I have connected the loan to the lender for balances. I assume I have to manually enter the splits every month to the payment that shows up when I update the checking account? Apparently, I do not get a loan reminder or a memorized payee to use for this process.

Tom Young

My suggestion is contrary to what you've established.

I would have the PAYMENT sent to you by the bank be the entry that affects the loan's balance. The proper "split" of the payment is "known" to Quicken IF you set up the loan as a "manual" loan, (not affected by downloads from the lender), properly. Doing it this way gets you a correct amortization schedule, interest expense, and amounts (if any) affecting escrow Accounts. As you've discovered, NONE of that information is available if the loan Account is connected to the lender, and you have no access to the loan Account's Register.

(As an aside, running loans tied to downloads from the lender have been a source of numerous posts in here about receiving incorrect information with posts claiming downloads have posted the loan "PAID OFF" when decidedly that's not the case.)

Set up properly you'll have Reminders that you can have Quicken enter into your checking Account on the payment due date. (I'd suggest having the upcoming payment show up in the checking Account Register - with the correct due date - a few days before the payment is actually due. That's very helpful for cash management, allowing you to Transfer in funds from other Accounts, if necessary.)

It's very easy to make sure that loan balance created this way is actually correct. You either go to the lender's site to confirm, or confirm with the leander's next statement.