Budget Categories and Transfers (Account Updates)

I'm trying to build an updated budget in Quicken (Mac V6.2.1).

I can't set up Categories that will not only track the expenditure for that Category as it's made but also take that expenditure and update the Debt associated with that expenditure.

Example: I have Categories made up for Home Mortgage Principle and Home Mortgage Interest. I thought it was going to be easy with Home Mortgage Principle highlighted to select a Transfer Out to update the outstanding Home Mortgage Loan.

It will do that but will not give me the monthly and aggregate numbers that should be showing up in the Home Mortgage Principal category. When I don't code the transaction to include a Transfer to the Home Mortgage Loan it updates the Budget Categories associated with that transaction and thus the monthly and aggregate numbers but (of course) without the Transfer is unable to update the Mortgage Loan. It seems I can't have both...either get accurate and updated Budget Categories or updated Loans.

So do I get rid of the Home Mortgage Principal Category and replace it with the Home Mortgage Loan Account to make this work?

Thanks.

Answers

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Home Mortgage Principal should not be a category. The principal already exists: it's the balance of your loan account. 

    I'm not clear on why you want to reflect the loan principal in your budget. You can always see your loan balance vey looking at the sidebar. Or in a Net Worth report which shows your assets and liabilities as of a specified date.

    A budget, by contrast, tracks income and expenses, not assets and liabilities. If you want to track/budget for how much you are spending to pay your loan, you want to track two things: Interest Expense, and Transfers To the loan account.
    Quicken Mac Subscription • Quicken user since 1993