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Subject Author Date
Assigning account, category and class to transaction Sam 01-02-2007
Posted by Sam on January 2, 2007, 7:42 pm
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 I have not been using quicken for long so there may be a simple answer
that I am over looking. I am trying to enter transactions in my
checking account for my monthly mortgage, a portion of that payment is
interest and a portion principal, for example if my payment was $100 (I
wish) and $75 was principal and $25 for interest the full $100 should
be deducted from my checking account, $25 should be assigned to
Mortgage Interest, $75 should be assigned to Mortgage Principal and be
deducted from the mortgage loan account so that I can see that account
balance go down over time and my networth go up. So how do I do that, I
cant figure it out. In msmoney account, category and class were
individual selections in the register. I could select an account, a
category and a class but in quicken I cannot figure out how to select
an account, category and class. It seems that in quicken you can select
EITHER an account OR a category and class but not all three.

Am I trying to do something that I should not be doing, is there a
better way? Any suggestions?

Thanks,

Sam


Posted by John Pollard on January 2, 2007, 9:34 pm
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 Sam wrote:
> I have not been using quicken for long so there may be a
> simple answer that I am over looking. I am trying to
> enter transactions in my checking account for my monthly
> mortgage, a portion of that payment is interest and a
> portion principal, for example if my payment was $100 (I
> wish) and $75 was principal and $25 for interest the full
> $100 should be deducted from my checking account, $25
> should be assigned to Mortgage Interest, $75 should be
> assigned to Mortgage Principal and be deducted from the
> mortgage loan account so that I can see that account
> balance go down over time and my networth go up. So how
> do I do that, I cant figure it out. In msmoney account,
> category and class were individual selections in the
> register. I could select an account, a category and a
> class but in quicken I cannot figure out how to select an
> account, category and class. It seems that in quicken you
> can select EITHER an account OR a category and class but
> not all three.


> Am I trying to do something that I should not be doing,

I think so. Why do you think you need to assign an account, a
category, and a class to any Quicken transaction?

> is there a better way?

Generally the best way to setup a mortgage is to let the Quicken
Loan Wizard do the job (Property&Debt > Loans).

Regardless: the principal payment is a transfer to the loan
account, and the interest payment is a charge to your mortgage
interest category. You can assign a class to either or both.
You use a "split" transaction to accomplish this ... just as the
Quicken Loan Wizard does. The difference is that if you let the
Loan Wizard setup the loan, you get the payments scheduled (or
memorized) with the correct principal and interest for each
payment ... no subsequent manual effort involved.

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup



Posted by Sam on January 3, 2007, 7:29 am
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Ok so lets forget about it being a mortgage payment, how do I assign
a category and class to a transfer? I am sure I am missing something
really basic here. This is one area where I liked msmoney better than
quicken, having individual combo boxes for the account, category and
class made for easier data entry for me but I am sure I will get used
to the quicken way as soon as I figure out how to do it.

Thanks, Sam


Posted by John Pollard on January 3, 2007, 9:55 am
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Sam wrote:
> Ok so lets forget about it being a mortgage payment, how
> do I assign a category and class to a transfer? I am sure
> I am missing something really basic here. This is one
> area where I liked msmoney better than quicken, having
> individual combo boxes for the account, category and
> class made for easier data entry for me but I am sure I
> will get used to the quicken way as soon as I figure out
> how to do it.

With a very few exceptions, you can not assign *another*
category to a transfer: the account in square brackets ([TO
ACCOUNT]) *is* a category. (I think the exceptions, where the
user can assign a separate category to a transfer, are a couple
of investment transactions ... and Quicken will assign a
non-transfer category to certain paycheck transfers and some
other investment transactions, if I recall.)

You can assign a class to a transfer category, just as you would
assign a class to any other category.

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup



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