need to create a balance adjustment in a mortgage loan

Gerald Nielsen · January 13

Quicken Classic Premier Version R53.32. Windows 10 Enterprise OS. Entered a 30 year Mortgage loan into Quicken on 10-18-12. Have made payments to this loan monthly Since then. Allocations were made for Principal and Interest for these payments and the Loan Balance was adjusted to reflect the principal payments. At some point I saw that the Loan Balance amount was not the same in my Quicken Loan as the Banks Loan Balance due. I ignored this issue but would now like to make a balance adjustment to the Quicken Loan Balance, so it is the same as the Loan Balance in My Banks Mortgage Loan. I can't find a way to make this adjustment without making an extra Principal payment which would create inaccuracies in where the payment came from. Can someone help me with making this Balance Adjustment?

Boatnmaniac · January 13

You could try this: In the loan account….

Upper right Gear icon > Update Balance > Enter the actual loan balance > OK: This will enter an account balancing transaction in the Account Register.
Then in that account balancing transaction: Enter the name of the mortgage account enclosed in brackets as the category. For example, if the name of the mortgage is Mortgage, then the category would look like this….[Mortgage].: This makes the transaction a transfer to itself and it will not show up as an uncategorized transaction. It will also have no impact on the checking account nor as an expense in reports.

Does this do what you are wanting to accomplish?

Gerald Nielsen · January 14

I opened the Loan Account. The Gear icon on the upper right drop down menu did not have Update Balance as an option. The options were Update Now and Edit Account Details as well as Reports: Including Full Payment Schedule, Account Attachments and Account Overview. None of these gave me an option to change the Loan Balance Due amount. In the Loan Details the Loan info is present and can be changed ie: name, opening date, opening amount, interest rate , length, compounding period, payment schedule, monthly payment. The Current Balance also shows but can't be changed. So this leaves me where I started with not being able to change the current balance owed in Quicken to align with the current balance in my banks loan. What I did was create a transfer from an unused Cash account in Quicken to my Quicken loan for an amount which than showed the same balance due in the Quicken account and my online bank account. Unfortunately, this will create an expense in the cash account that is not accurate. I will need to ignore this account in any reports I create. Any other solution would be welcome.

Chris_QPW · January 14

When you setup a loan account for downloading you give up the ability to change anything in it. The register is hidden.

You have to change it to a manual entry loan account to make any changes by deactivating for downloading on the Account Details → Online Services tab

Boatnmaniac · January 14

https://community.quicken.com/discussion/comment/20410313#Comment_20410313

I did not know that your Loan is a connected one. As @Chris_QPW states you need to deactivate your Loan account in order to have an account register where you can enter a manual balancing adjustment transaction.

But I am a bit perplexed by this situation. Connected Loans are supposed to reflect the account balance that the Lender has on record because that is what the Lender is supposed to download. So how did your Loan get out of sync with what the Lender has on record? Maybe if you deactivate your Loan and review the Loan Register you will see something that explains it. If you find a cause for the discrepancy, please be sure to post about it here. I would be very interested in hearing about it.

Gerald Nielsen · January 16

I was able to resolve the Balance Due discrepancy between my Bank Online and Quicken account by deactivating the quicken account than making a balance adjustment than reactivating the account. Both accounts are now coinciding correctly. When the account was deactivated, I went back through the activity from when the account was first opened in 2012. There were some really weird Credit & Debit entries throughout the years. I found trying to identify what these all were to be frustratingly difficult. Since I now had an accurate reconciliation of the two accounts, I decided not to spend more time trying to figure out how the two balance due accounts became incorrect. I do know there were two or three times over the 20 years that I had to restore my Quicken account due to computer issues and/or possible hacking. It's possible when setting a restore point, I inadvertently set the date wrong. Anyway, all seems to be working correctly with my updates at this time. Thanks for you suggestions which helped me solve my problem.

Chris_QPW · January 16

I was able to resolve the Balance Due discrepancy between my Bank Online and Quicken account by deactivating the quicken account than making a balance adjustment than reactivating the account.

Very interesting information since in the past once you deactivated a loan account you couldn't reactivate it. The fact that you can is very new.

need to create a balance adjustment in a mortgage loan

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