Correcting Quicken Mortgage Principal Balance to Agree with Lender's Principal Balance

Woody800
Woody800 Member ✭✭
edited January 2022 in Investing (Windows)
Over several years my mortgage principal balance has differed from my lender's principal balance and now wish to correct my principal balance. Is there a simple one step process to adjust my principal balance to the mortgage loan balance? Such as a cash reduction to principal.

Woody800

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Yes, you can make a "self-referencing" entry in the loan Account.  Enter the correct dollar amount in the column that accepts payment of principal and in the Category box enter the name of the loan Account surrounded by square brackets: [Name of Loan Account]
    That reduces the principal balance without affecting any other Account.
  • Woody800
    Woody800 Member ✭✭
    Tom, I appreciate the response however I have no idea what a "self-referencing" entry is. Never heard this term before. I apologize for leaving out an important fact - I need to increase the principal balance. Looking over my loan account detail there is no field that permits me to either raise of lower the principal balance. What would happen if I entered a transaction, through my checking account, to increase the principal balance. Wouldn't I use a minus (-) sign in front of the dollar amount in the AMOUNT column to raise the balance?

    Woody800
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    As @Tom Young explained, a self-referencing transaction is one where the Category is the account name in [square brackets] 

    So if you have a loan account called "House Loan" and you want to increase the principal balance, i.e. decrease the amount of the loan by $1,000, you would enter 1,000 in the Decrease column and set the Category to [House Loan]. If your loan register does not show the Increase and Decrease columns, click the gear at the top right and select them.

    This may not work for an Online Loan, I have never had one of these. 
    QWin Premier subscription
  • Woody800
    Woody800 Member ✭✭
    Jim, thanks for your reply, very helpful. It worked.
  • Quicken Jasmine
    Quicken Jasmine Moderator mod
    Hi @Woody800,

    Thank you for contacting the community and for your thorough responses. We are glad to hear that the issue has been resolved. 

    Please do not hesitate to contact us with any further questions or concerns.
    Quicken Jasmine

    -Quicken Jasmine

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