Ok,
I figured out that you have to make the payment through the loan page to get interest into that interest paid column. But that means that you can't have a linked account (like paying by check, for example) since the payment would be short by the interest amount. So either I can have a linked account pay the loan off OR have the correct interest show up there? That's some big design flaw, IMO. Maybe this problem doesn't happen in the full or deluxe version?
Andrew
Not sure why you started a new thread to make this comment.
Also not sure how you have misread the way Quicken works.
The term "linked account" is not applicable here.
But the "notion" that you are conveying is just plain wrong. When you setup a loan in the Loan Wizard, you specify an account from which the payment is made. The payment will consist of basically two parts: a transfer from the payment account to the loan account, reducing the principal amount of the loan; and an interest payment, categorized to the interest category of your choice. This is *exactly* what should happen. There is no design flaw whatsoever.
Back to the drawing board.
"John Pollard" wrote in news:fxKpf.640139 $_o.624912@attbi_s71:
But when I make a payment, I want the transfer amount out of the pay account to be the sum of principal and interest (since I am paying both). The problem I have is that when the loan is set up, only the principal is coming out of the linked account. The interest shows up, but the amount transferred out of the "pay" account is less than the loan payment amount by the interest amount.
Andrew
Then you set it up incorrectly; that is not how the Loan Wizard works. The payment amount you give the Loan Wizard, or that it computes, includes the prinicpal and interest ... and the payment amount becomes the amount withdrawn from the payment account (generally your checking account).
What do you mean, the "interest shows up"? The fact that only the principle amount is handled as a Quicken "transfer" does not mean that the payment amount only consists of that transfer. Your payment account balance will be reduced by the combined amount of the transfer to the loan account and the loan interest expense.
"John Pollard" wrote in news:%JMpf.640330 $_o.472114@attbi_s71:
Oh i see now, the whole amount is taken out of the expense account while the record in the liability account is just the principal. I got it working. Thanks!
Andrew
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