I'm using Q2004 and have been tracking my home mortgage. I recently sold my house so this loan is being paid off. I looked at Quicken help and under Loan/payoff is said to delete the loan. Is this really the acceptable way to take care of this situation?
Thanks, Jimt
No, of course not. You can record the event by showing the money flowing from the purchaser into the mortgage for the mortgage repayment, your expenses to the realtor and whomever and the rest (hopefully a nice fat chunk) as cash into your checking account.
Not sure where you got this Jim, or perhaps you didn't read the ENTIRE panel. My version of Quicken Help dealing with paying off a loan ("Delete a paid-off or re-financed loan") has the line "We don't recommended deleting the old loan, because if you delete it, Quicken no longer has any information about it and cannot include it in reports."
Mike's reply is in keeping with the statement above in the help file.
Thanks Andrew, I didn't read it all. It seems that if you look in help and request information about paying off a loan, Quicken would give you a recommended way to do it rather than saying their proceedure is not recommended. Go figure. Jimt
By the way Jim, my quote (when I re-read my original just now) was a cut and paste from their help file. I just love the English "We don't *recommended* (emphasis added here is mine) deleting the old loan.....".
Oh well, we all make misteaks. I guess they should hire some editors!
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