Record loan payment

lanric
lanric Member ✭✭
in Registers & Transactions (Windows)

I added a new loan with online download. When I try to record the payment in my checking account, it will not allow me to link it to the loan. The loan doesn't appear in the picklist. How do I record the payment?

Answers

  • Ben B.
    Ben B. Quicken Mac Subscription Member

    Have you tried making the transaction a transfer. In the category field of the transaction enter [ and a list of accounts will be displayed you can transfer to. If the car loan appears, select it. This will enter a duplicate transaction into your loan as a payment. Keep in mind that when the bank you paid from downloads the payment you'll need to make sure you match the two transactions together or it will appear as you paid twice.

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Just my 2cents' worth …
    I would not bother attempting to activate any loan or mortgage accounts for downloading. I would just simply set them up as "offline" (manual) loan accounts with a Scheduled Reminder to record the monthly payment from your checking account.
    (Not discussing LOC or HELOC accounts here. They should be set up as offline credit card accounts)

    At least in Quicken for Windows, an online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.
    As a result of the loan being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non-existent) account register and must use a category, usually something like Mortgage:Principal, instead. The category name seems to vary with the Loan Type you selected when creating the loan account in Quicken.

    Effective with Quicken Windows 2018 Subscription and newer
    you should be able to deactivate an online-connected loan account and regain full control over your transaction register. And you should also review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not to a Category.

    If you're a Q Mac user, you should be able to do something similar about setting up and maintaining an offline mortgage account together with a correctly calculated Scheduled Transaction Reminder for the monthly payments from your checking account.

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