New Loan - Creating After First Payment Made

Options
minburn1
minburn1 Member ✭✭
edited December 2022 in Errors and Troubleshooting (Windows)
I seem to recall years back not having this work well. Long and short, as I indicated in the subject, I've created a loan today (Nov 27) that was effective Oct 17 and that had its first payment Nov 23. So easy enough with loan creation to the point of 'next payment' that can't be that Nov 23 payment. And at that point, all a mess and the register will only put in that first payment as principal amount (rightly so) but a 'Balance Adjustment.

How the hell to do this so it has that Nov 23 payment as a split loan payment and next one scheduled for Dec 23? Thanks in advance

Best Answer

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited November 2022 Answer ✓
    Options
    @minburn1 - I am assuming you set up the loan as a manual account (not connected to the lender) because you mention "the register".  Only manual loans will have an account register.  So, here is my suggestion:
    Back up your data file before proceeding.
    1. Backup your data file before proceeding.
    2. In the checking account where the Nov 23 payment was made from, edit the payment transaction by splitting the category. 
    3. In line 1 of the category split, enter a transfer to the loan account....the loan account name enclosed in [ ].  The amount of this line is to be the principal amount for this payment.
    4. In line 2 of the category split, enter the category used for lnterest and the amount of interest that was paid.
    5. The total of the category split needs to be equal to the full amount of the Nov 23 payment that was made.
    6. Go to the Loan Account register.  You will see the Nov 23 payment now shown there and can delete the Balance Adjustment transaction that Quicken placed there.
    7. Your Loan Reminder will remain intact and should show the correct next payment date.
    Did this resolve the issue for you?

    (Quicken Classic Premier Subscription: R55.15 on Windows 11)

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited November 2022
    Options
    Hi @miniburn1

    So, you already know that Quicken doesn't allow you to setup the entire loan schedule if you've already passed the date that the first payment was due.

    However, one workaround that you could use, is to delete the account you just setup > then manually reset your computer's clock to a date before the first payment was due > and then go through the process of setting up a new loan account in Quicken.  After you've completed the setup, make sure that you reset the clock back to the current date.

    Let me know if you have any followups.

    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.  -

  • minburn1
    minburn1 Member ✭✭
    Options
    Hi there . . . . appreciate the quick response . . .

    I thought about adjusting computer time but why potentially mess up other software, schedule settings and such . . . why risk it just for this?

    So I simply did it up, manually edited the auto entry of 'Balance Adjustment' that was actually the first payment, and tidied a few more things up to have it 'work'.

    Incredible that this scenario is still an issue for the software. That 'last time' I mentioned was likely almost 15 years ago!
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited November 2022 Answer ✓
    Options
    @minburn1 - I am assuming you set up the loan as a manual account (not connected to the lender) because you mention "the register".  Only manual loans will have an account register.  So, here is my suggestion:
    Back up your data file before proceeding.
    1. Backup your data file before proceeding.
    2. In the checking account where the Nov 23 payment was made from, edit the payment transaction by splitting the category. 
    3. In line 1 of the category split, enter a transfer to the loan account....the loan account name enclosed in [ ].  The amount of this line is to be the principal amount for this payment.
    4. In line 2 of the category split, enter the category used for lnterest and the amount of interest that was paid.
    5. The total of the category split needs to be equal to the full amount of the Nov 23 payment that was made.
    6. Go to the Loan Account register.  You will see the Nov 23 payment now shown there and can delete the Balance Adjustment transaction that Quicken placed there.
    7. Your Loan Reminder will remain intact and should show the correct next payment date.
    Did this resolve the issue for you?

    (Quicken Classic Premier Subscription: R55.15 on Windows 11)

  • minburn1
    minburn1 Member ✭✭
    Options
    Hi there. That is 'exactly' what I did to remedy things.
This discussion has been closed.

Categories