Booking Refinanced Loan

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pasteve9999
pasteve9999 Member ✭✭
in Business and Rental Property Tools (Windows)
Considering I am using the Quicken Rental property edition one would think this would be easier. Here is what I did per a forum suggestion. I hope everyone can follow this: (1) Set up new loan (2) Clicked opening balance on loan & on second line enter old mortgage balance (3) Change the new loan balance (first line) to the difference between the old and new loan. The old loan zeroed out and the new loan was created with the new balance. The accounts were all correctly reflected. Now, I received money from the refi. Where and how do I record the money received and the closing costs? I have them all detailed out but no matter the number of times I have tried, after entering the correct numbers, the system wants an offsetting account. I tried entering them in the new loan but the system asks if this will increase or decrease the loan. I tried entering the money received in the bank account with all the refi costs but the system wants an offsetting entry. HELP PLEASE!

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  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
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    Hello @pasteve9999

    Thank you for taking the time to visit the Community to report this issue, although I apologize that you have not received a response.

    If you have not done so already, please take a moment to review the steps and information available here.

    Please let us know if these steps work to resolve the issue.

    -Quicken Tyka

    ~~~***~~~
  • UKR
    UKR SuperUser ✭✭✭✭✭
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    I received money from the refi. Where and how do I record the money received and the closing costs?
    Was this money received into or paid from the checking account? If so, I would record these transactions directly into the checking account and not the loan accounts.

  • pasteve9999
    pasteve9999 Member ✭✭
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    Thanks UKR. I did enter the money received, which was directly deposited into my checking account. I then begin to offset it with all of the closing costs and come out with a balance on the transaction, which I have no account to code to
  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
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    Hello @pasteve9999

    Thank you for the response, although I am sorry to hear that the trouble continues to persist.

    At this time I would recommend contacting support directly on Monday, by phone for advanced troubleshooting steps.

    https://www.quicken.com/support#contact-support

    Quicken Care has the ability to initiate a screen share to view the issue in real-time to review and research this further.

    Thank you,

    -Quicken Tyka

    ~~~***~~~
  • pasteve9999
    pasteve9999 Member ✭✭
    edited January 2021
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    I would like to provide the details in hopes someone can assist with this entry. My refi property amount was 155,000. Here are the entries I made:
    New loan 155,000
    The rest I logged as transfers
    Old loan 123,333.58
    Cash to bank 27,547.71
    Refi costs 3,326.75
    Impound account 806.82
    Mortgage interest -14.86

    I am left with the amount of (155,000) and the system is requesting an account to offset.
    I formerly used [Removed - No Soliciting] where a refi entry was easy. I am baffled by this. PLEASE any help would be appreciated.
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