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Posted by David Rocah on July 14, 2006, 11:45 pm
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How do I change the frequency to daily? There's no option to do that. The
frequency question referred to in my post is not the frequency of the
interest calculation, its the frequency of the loan payments (there's not
even an option for daily in the pull down list).
David
On 7/14/06 9:36 AM, in article
55Ntg.65558$fb2.18576@newssvr27.news.prodigy.net, "Steve Dawson"
> David,
>
> Try changing the Frequency to daily and see what that gives you. I'm running
> the Windows version but I don't think there should be much of a difference.
> I did that and it brought my loan into balance with the statement. The other
> thing is that you should watch the date the payment is applied to the
> account and verify that it is the same date you show your payment is being
> made. A day difference there will give a few pennies to dollars difference
> depending on the loan amount.
>
> Steve Dawson
>
>
>> 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
>>>
>>> message
>>>> 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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