Setting up a home loan account from the past
Found at:
When a Quicken manual loan, which has already had payments made (as implied by the loan "Opening date" supplied by the user), is setup; Quicken creates the loan liability account with the correct opening balance transaction, then adds a balance adjustment transaction to account for all the principal payments Quicken assumes have already been made.
So the user should not (can not) tell Quicken that the "next" payment due date is the date of, what would have been, the "first" payment due for the loan. When setting up a Quicken loan, the "next" payment due is really the "next payment due" - all previous payments (if any) have already been accounted for by the balance adjustment transaction Quicken created in the loan liability account.
When loan payments have already been made (and recorded in Quicken), the user will to have correct those loan payment transactions, such that each loan payment transaction "transfers" the "principal" payment amount to the newly created loan liability account. The total amount of those previously-made loan principal payments should exactly equal the amount of the loan balance adjustment Quicken created ... so that Quicken-created loan balance adjustment transaction can then be deleted.
[Last Community post: 05-12-2021 @ 9:13 am]