loan interest and principal

Mar 31, 2005 3 Replies

I just noticed that a loan I started in 1998 has a funny feature. Since



2001, the principal and interest have remained constant, instead of having the interest decrease and the principal increase. 2001 may have been an upgrade or may have been when I put it on a memorized scheduled transaction list - i'm not sure.

How can I correct the 40 some entries done wrongly and how can I make future entries be entered correctly?



thanks...


A memorized transaction that has hardcoded loan/interest amounts might explain it.

I haven't had to solve this problem, but this is the way I'd attack it.

Correction would likely have to be a manual process working from loan statements.

To make future entries correct, I might be tempted to set up a new loan in quicken with a term of the remaining months of the loan, and a balance matching your most recent statement, and going from there.

Or, you can set up a the loan with an origination date/balance of the last date that worked correctly for you, and see if quicken's amortization matches with the 40 payments you find on statements.

Best Regards,

This happened to me when I made a change to the date/amount by editing the scheduled transaction instead of editing the loan.

I resolved it by editing the payment in the loan then changing each of the incorrect transactions manually.

Mike

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