I made an entry error to my loan account, now it shows paid off but it's not.

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fcmmark
fcmmark Member ✭
edited April 2022 in Registers & Transactions (Windows)
I've deleted the account twice even renamed it but once it syncs with the bank it shows PAID OFF in Quicken. How can I fix this.

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  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited March 2022 Answer ✓
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    Hi @fcmmark

    I suspect that by making this loan account a "connected" loan in Quicken, you have either connected to a different loan (perhaps one that you previously paid off), or you are simply experiencing the many problems that surface when one tries to operate a "connected loan" in the application.  The bottom line is that the method used to allow a connected loan to function is flawed.  I would strongly suggest that you setup this loan as a manual loan in Quicken.  You will save yourself a lot of headaches if you take this approach.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Answer ✓
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    Probably what you'll need to do is to call Quicken support and report the problem. 
    "Downloading" loans seem to be fraught with problems and you're certainly not the first Quicken user to report the situation you've described. 
    I'd guess that most loans where downloading is available use Express Web Connect as the connection method.  (Lenders/servicers don't have to pay Quicken a fee to use EWC, but do have to pay a fee for the more reliable Direct Connect.)
    As I understand it, if EWC is the method used for downloading information into Quicken then the lender/servicer is supposed to notify Quicken if they make changes to their screens so that Quicken can find the information to be downloaded.  If the lender/servicer fails to to that then if Quicken can't find the loan's current balance I'd bet the default reporting is "the loan is paid off."

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited March 2022 Answer ✓
    Options
    Hi @fcmmark

    I suspect that by making this loan account a "connected" loan in Quicken, you have either connected to a different loan (perhaps one that you previously paid off), or you are simply experiencing the many problems that surface when one tries to operate a "connected loan" in the application.  The bottom line is that the method used to allow a connected loan to function is flawed.  I would strongly suggest that you setup this loan as a manual loan in Quicken.  You will save yourself a lot of headaches if you take this approach.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • fcmmark
    fcmmark Member ✭
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    Frank thank you for your insightful observation about this issue. I believe that's exactly what I'll do. It's not worth the continued hassle. I do appreciate it.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Answer ✓
    Options
    Probably what you'll need to do is to call Quicken support and report the problem. 
    "Downloading" loans seem to be fraught with problems and you're certainly not the first Quicken user to report the situation you've described. 
    I'd guess that most loans where downloading is available use Express Web Connect as the connection method.  (Lenders/servicers don't have to pay Quicken a fee to use EWC, but do have to pay a fee for the more reliable Direct Connect.)
    As I understand it, if EWC is the method used for downloading information into Quicken then the lender/servicer is supposed to notify Quicken if they make changes to their screens so that Quicken can find the information to be downloaded.  If the lender/servicer fails to to that then if Quicken can't find the loan's current balance I'd bet the default reporting is "the loan is paid off."
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