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Assigning account, category and class to transaction

I have not been using quicken for long so there may be a simple answer that I am over looking. I am trying to enter transactions in my checking account for my monthly mortgage, a portion of that payment is interest and a portion principal, for example if my payment was $100 (I wish) and $75 was principal and $25 for interest the full $100 should be deducted from my checking account, $25 should be assigned to Mortgage Interest, $75 should be assigned to Mortgage Principal and be deducted from the mortgage loan account so that I can see that account balance go down over time and my networth go up. So how do I do that, I cant figure it out. In msmoney account, category and class were individual selections in the register. I could select an account, a category and a class but in quicken I cannot figure out how to select an account, category and class. It seems that in quicken you can select EITHER an account OR a category and class but not all three.

Am I trying to do something that I should not be doing, is there a better way? Any suggestions?

Thanks,

Sam

Reply to
Sam
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I think so. Why do you think you need to assign an account, a category, and a class to any Quicken transaction?

Generally the best way to setup a mortgage is to let the Quicken Loan Wizard do the job (Property&Debt > Loans).

Regardless: the principal payment is a transfer to the loan account, and the interest payment is a charge to your mortgage interest category. You can assign a class to either or both. You use a "split" transaction to accomplish this ... just as the Quicken Loan Wizard does. The difference is that if you let the Loan Wizard setup the loan, you get the payments scheduled (or memorized) with the correct principal and interest for each payment ... no subsequent manual effort involved.

Reply to
John Pollard

Ok so lets forget about it being a mortgage payment, how do I assign a category and class to a transfer? I am sure I am missing something really basic here. This is one area where I liked msmoney better than quicken, having individual combo boxes for the account, category and class made for easier data entry for me but I am sure I will get used to the quicken way as soon as I figure out how to do it.

Thanks, Sam

Reply to
Sam

With a very few exceptions, you can not assign *another* category to a transfer: the account in square brackets ([TO ACCOUNT]) *is* a category. (I think the exceptions, where the user can assign a separate category to a transfer, are a couple of investment transactions ... and Quicken will assign a non-transfer category to certain paycheck transfers and some other investment transactions, if I recall.)

You can assign a class to a transfer category, just as you would assign a class to any other category.

Reply to
John Pollard

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