How do you set up a loan so that each month Quicken (I'm using 2006 Premier) will keep track of the balance, interest and principle payments. I set up the loans with all the data, but I must be missing something in the instructions because I don't see how to apply payments and then have them automatically split the payment into interest, principle, and other escrow payments. I welcome your advice. --Don
If you used the Quicken Loan Wizard to setup the loan, you should be ready to go.
Property & Debt > Loans > New
When you create a loan in the Loan Wizard, you have the option to make the payments as Scheduled Transactions or Memorized Transactions. Quicken takes care of splitting the payments correctly between principal and interest no matter which payment method you choose; the scheduled or memorized payments are linked to the payment schedule created by the Loan Wizard.
Thanks John, can you help with the next step? Once I get the loan set up, as a scheduled transaction let's say, then what? Do I enter each payment by clicking make payment > regular ? When I do this it adds a debit to the paying account, and it duplicates debits already downloaded from my bank. I know I'm missing something obvious here, but I can't seem to find instruction on Quicken help.
--Don
wrote
All you need to do is to insure that the Quicken scheduled payment is in your Quicken register before you accept the downloaded real-world payment transaction. You can Enter the scheduled payment manually anytime before you click "Accept" for the downloaded transaction, or you can have Quicken automatically post the payment for you, just so the scheduled payment is there for the downloaded payment to "Match". When you "Accept" a downloaded transaction with a status of "Match", it does not add a transaction to your Quicken register.
Thanks for this. One problem is that I'm trying to go backwards with this. That is, I've downloaded the transactions and have them all in my register. What I want to do is match those entries to my loan and have Quicken apply the lump sum to the split components as it will. Is that possible?
Not possible.
I wonder if there would be a good way to go back, at least for my 6 payments of 2006 and delete duplicate transactions so that I would have interest paid and up to date balance? I may try that; if anyone has experience with that, I'd be grateful for any advice.
--Don
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I wasn't sure you had enough transactions or enough desire to make this worthwhile.
You can delete existing transactions, set the "Next Payment Date" to the desired date (and tell Quicken to Enter payments automatically, if you want to speed the process up), and Quicken will generate old payments for you.
If you delete downloaded payments, you will also be deleting the "downloaded" "status" - and the "Posting Date", which can effect things like reconciles. You can manually capture that information before you delete the transactions (right-click the transaction, hold down CTRL and left-click "Copy Transaction"), then modify the Quicken generated transactions to have the same data.
principal
Carl: You must have thought I was referring to principal on a loan; I meant the principle of Quicken loan managment :-)
John, this is helpful. I'm grateful.
Carl wrote:
430 No such article 222 10025 body Carl: You must have thought I was referring to principal on a loan; I meant the principle of Quicken loan managment :-)John, this is helpful. I'm grateful.
Carl wrote:
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