Home Equity Loan Payment Setup?

Question

Since upgrading to Q2014, I have a problem with my Home Equity Loan Payment. Situation is this - I have a Home Equity Line of Credit and the rate could change often, so, I had a Reminder setup monthly that was as follows:

Payment from Savings Account

Split Category: Portion of the payment to Mortgage Interest Category Main portion payment to the Principle in the Home Equity Account

I would edit the reminder when entering each month and change the Interest amount and click adjust to have it adjust the Principle amount, then post it.

After upgrading to Q2014, when I do the same thing, the principle is deposited to another cash account, not to the Home Equity account (when editing to change the interest, I notice that the deposit to account is changed to a cash account and the Home Equity Account is not listed in drop-down windows for "to" accounts).

How do I correct this problem and setup a reminder to work as I outlined above (as it did prior to the upgrade).

Thanks for any insights/tips. If you need more information, let me know.

charliec

danbrown · Accepted Answer

A stab in the dark.

Have you set up the HELOC as the Q account type of "Mortgage" (this info can be found by CTRL-A, click Edit next to the acct name, it's on the Account Details screen under "Loan Type")? Have you enabled this account for download from your bank?

If answer to the above is YES, no manual payments are permitted to the HELOC. This is a new (and much regretted) feature of Q2014. The only transactions that can be posted to a "downloadable" Mortgage account are those downloaded from the bank.

db

charliec · Answer

Thanks for the reply, Dan. See my responses below.

charliec

The Loan Type is "Loan" - I see options to make it a "Mortgage" and another one to make it a "Home Equity Loan" and some other options for other types of loans. Should it be set for Home Equity Loan?

No, it is not set to download from the Credit Union - before updating to Q2014, I had a reminder setup on the account to post the payment and had split category setup to take the payment amount from saving account, take a portion for interest and would adjust the payment posted to the loan for the remainder. Worked fine until the update.

Any more thoughts and/or instructions?

Home Equity Loan Payment Setup?

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