How do I make loan payments (Loans:Loan Payment) show on my budget?
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rcarellano
Member ✭
macOS 10.15.4 (19E287); MobBook Pro Late 2013; Quicken: Version 5.15.3 (Build 515.33035.100)
I have a consumer loan that I created under Property & Debt > Debt. I attempted to add the loan and payment terms, but that ended up not working at all (it never works properly, but I digress). So I manually added the opening balance (from 2017), did an adjustment at the end of 2019. Then began adding payments and interest to the payments section. I have a scheduled transaction in my "Bill Pay" Checking account that is categorized as Loans:Loan Payment, when paid, the whole amount is "Transferred" to the Loan account (similar to a credit card payment). My loan payments are part of my budget per month. I set it up in my Budget and it shows ZERO payments made. This is corrected as soon as I remove the "Transfer" from one account to another. This seems counterintuitive. So it would appear that I simply can't track (budget) my loan payments, which makes this tool less impressive. Not only that, the number of payments remaining is off by 12 payments from what the bank states.
By the way, why can't a budget a credit card payment. Seems like this tool has too many shortcomings that force me to continue to depend on manually created Spreadsheets. Seems like its not worth the annual price of membership. :/
What am I doing wrong?
I have a consumer loan that I created under Property & Debt > Debt. I attempted to add the loan and payment terms, but that ended up not working at all (it never works properly, but I digress). So I manually added the opening balance (from 2017), did an adjustment at the end of 2019. Then began adding payments and interest to the payments section. I have a scheduled transaction in my "Bill Pay" Checking account that is categorized as Loans:Loan Payment, when paid, the whole amount is "Transferred" to the Loan account (similar to a credit card payment). My loan payments are part of my budget per month. I set it up in my Budget and it shows ZERO payments made. This is corrected as soon as I remove the "Transfer" from one account to another. This seems counterintuitive. So it would appear that I simply can't track (budget) my loan payments, which makes this tool less impressive. Not only that, the number of payments remaining is off by 12 payments from what the bank states.
By the way, why can't a budget a credit card payment. Seems like this tool has too many shortcomings that force me to continue to depend on manually created Spreadsheets. Seems like its not worth the annual price of membership. :/
What am I doing wrong?
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Best Answer
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You currently cannot budget for fund transfers, such as a loan payment (principal) or credit card payment. That functionality has been requested by users for years, and the product manager has both promised it and said they are working on it. We don't know when this functionality will be added, but after a long wait, it seems it's finally likely to arrive sooner rather than later.Quicken Mac Subscription • Quicken user since 19934
Answers
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You currently cannot budget for fund transfers, such as a loan payment (principal) or credit card payment. That functionality has been requested by users for years, and the product manager has both promised it and said they are working on it. We don't know when this functionality will be added, but after a long wait, it seems it's finally likely to arrive sooner rather than later.Quicken Mac Subscription • Quicken user since 19934
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Thanks jacobs. I think I have been asking this question for a long time as well. This is a great tool but there are some areas that could benefit from a tweek and minor improvements. Not to mention that it would prevent frustration with the annual renewal model they use now.0
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It could before0
This discussion has been closed.