Manual Loan Register

I have a home mortgage setup as a manual loan with a scheduled payment reminder but the payments don't show up in the loan register. The scheduled payments are in the checking account I've setup for them to come from. I saw several posts that the manual loan with scheduled payment reminder was the best way to setup a mortgage but I don't see anything on how to fix payments not appearing in the loan register.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Please post a shot of your payment entry in the checking Account, showing the splits.  what you should be seeing is a split along the lines of:
    1. Interest expense Category
    2. [Name of Loan Account]
    Are you seeing NO decrease in the principal balance of the loan Account?
  • muredhawk00
    muredhawk00 Member
    I'm not sure how to post a shot here. I'm not seeing any options to upload anything.
    The split lists:
    1.Home:Mortgage:Principal
    2.Home:Mortgage:Interest
    3.Tax:Property
    4.Home:Home Insurance

    The name I created for the Loan account is just house.
  • muredhawk00
    muredhawk00 Member
    Also, yes I'm seeing no decrease in the principal balance of the loan account.
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    So where is the transfer to the House account in your split?  The first line should be a transfer to House Loan not mortgage principal.  Like [House] for the category.
  • muredhawk00
    muredhawk00 Member
    There isn't one and I'm not exactly sure why. There's not even an option for it if I try to edit the payment those are the defaults.
    I think I may have to just start over.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭

    It is difficult to say, since we can't actually see how the mortgage account is setup, but from what you've said and the split as you've described it, I believe that the reason the principal payments are not being posted to the mortgage register is because the reminder does not have brackets around split #1. 

    To illustrate:

    Instead of -  Home:Mortgage:Principal
    It should be -  [Home:Mortgage:Principal]

    Try making that change to one of the payments, and you should see the mortgage reduce.  If that works, go back and edit each payment transaction that you made and then the principal balance should agree with a recent online balance or statement.

    Let me know how that goes.

    Frankx



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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    I don't think you can post screenshots or pictures here until you've made some number of posts.  After you've made enough posts you'll see a little "picture" icon above the entry box.
     
    Based on what you've posted I have a feeling that the loan is setup as a downloading loan and something's not working correctly.  Here's the sure-fire method to test that: go to the loan Account and try to make an entry in that Account.  If you can't make an entry then the loan is setup for downloading.
    My guess is based on what you've posted as the entry you're seeing in the checking Account.  The fact that all the entries are "Categories" is exactly the way Quicken handles the "balancing act" necessary for downloading mortgages. 
    As an aside, the entries you've posted won't work for a manual loan as Quicken has a secret bit of programing that shouldn't allow for the third line of your entry.  Quicken requires the following sequence to get the accounting correct for a manual loan:
    (Why Quicken has things setup in this fashion is a complete mystery to me.)
    Post back with your findings.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    From the sounds of it, you have a manual loan Account.  I'll proceed using that assumption.
    If you are posting loan payments in your checking Account but not seeing any principal reductions in the loan Account, I'd say there's something wrong with your entries' split between the mortgage interest CATEGORY and the TRANSFER of the principal portion the loan Account.  Look at those payments and make sure the "Category" for the principal portion is the loan Account's name in square brackets - [Name of Loan Account].