Hi
I have Quicken, 2005, Deluxe, Windows XP.
I have a house loan set-up complete with interest info, duration, etc.
When I record a payment from my checking account as a transfer to the [House Loan] account, the entire payment, principle + interest, is recorded against the reamining balance of the loan.
I would assume it would record only the principle and track the interest for tax purposes.
Any idea what I am doing wrong.
Thank You
JM
By entering the payment in the check register and filling out the category field you insured that Quicken could not correctly treat the payment as a loan payment. Principal and interest are handled by a split transaction ... and you prevented a split transaction from being recorded by filling in the category field yourself.
When you setup the loan, you told Quicken whether to create a Scheduled Transaction or a Memorized Transaction for the loan payment: in order to get the proper principal/interest split, you have to use the appropriate transaction created at loan setup. If it was a Scheduled Transaction, you must see to it that the scheduled transaction is the one that enters the payment in the register of your payment account. If you had Quicken create a Memorized Transaction for the loan payment, you must enter (or "Accept" from download) a transaction for the same payee as in the Memorized Transaction and allow QuickFill to enter the correct splits.
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