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Posted by Oilcan on July 13, 2006, 10:30 pm
Please log in for more thread options It is probably no different then my HELOC where you can't set-up an
amortization schedule because the day they cut the statements varies by
a day or two on a month to month basis (mostly due to weekends). What
I do is Credit Checking and offset the load for the full amount of the
payment. From the statment, I then record the full amount of the
Interest into the Liability and offset it to my category Mortgage
Interest (HELOC). The category is, of course, your choice. I find
this easier then adjusting the split payment.
David Rocah wrote:
> I'm using Q2006 for Mac, and in the loan set up window, I don't see any
> option to specify the period for interest as daily. From the loans list,
> when I click on New, I get a window entitled Loan Interview. That window
> asks the following questions (and give the following answers):
>
> Are you borrowing or lending this money? Borrowing
> Have any payments been made on this loan yet? Yes
> Have any prepayments been made on this loan? No
> Is this a fixed rate or variable rate loan? Fixed
> Does this loan have a balloon payment? No
> Does this loan use US or Canadian amortization? US
>
> Once I've answered those questions, I get another window, which asks whether
> to start from the first payment or the next. I choose next. I then get
> another window entitled Set up Loan with the following options:
>
> Name of Lender
> Regular Payment: Principal + interest
> Date of next payment
> Frequency (I chose monthly, because that's how often the PAYMENTS are made,
> which is what I understand it to be asking)
> Payments remaining
> Annual interest rate
> Interest category
> Principal account
> Balance today
>
> That's it. No place to specify how often interest is calculated. And the
> payment it calculates is not allocated as my bank does it (presumably for
> the reason you mention). So what's going on? Do the loans you set up in
> Quicken match the allocation that your bank makes? Anyone know what I can
> do to fix this? I find Quicken's tech support worse than useless.
>
> Thanks,
>
> David
>
>
> On 7/13/06 8:50 AM, in article
> 6krtg.65011$Lm5.11412@newssvr12.news.prodigy.com, "Steve Dawson"
>
> > Dave,
> >
> > When you set up the loan did you specify the period for the interest as
> > daily? Interest calculated in that manner would fluctuate as you say since
> > depending on the month there would be + or - a day between the 26th of each
> > month.
> >
> > Steve Dawson
> >
> >> Can anyone explain to me why Quicken's calculation of how each loan
> >> payment
> >> should be allocated to principal and interest doesn't match what the Bank
> >> does when I set the loan up in Quicken? Each month has been off by a
> >> generally less than a dollar, but not in a consistent direction.
> >> Sometimes
> >> the amount to principal is too high, sometimes too small. This is a
> >> simple
> >> car loan, with a fixed interest rate, calculated daily, and I pay once per
> >> month, with the effective date of the payment the 26th of each month,
> >> because its electronically debited from the bank. Does it match for
> >> anyone?
> >> Or does each payment need to be adjusted? If the latter, what's the point
> >> of setting it up in Quicken? Just to give you a rough idea of what's
> >> going
> >> on? Why can't Quicken use the same calculation the banks do? If it does
> >> match for you, what could I be doing wrong? I've checked the data I'm
> >> entering to set up the loan multiple times.
> >>
> >> Thanks,
> >>
> >> David
> >>
> >
> >
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