Tracking loans, interest, principle, balance

Posted by donhdoyle@yahoo.com on June 10, 2006, 4:40 pm

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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

Posted by John Pollard on June 10, 2006, 4:51 pm

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> 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

If you used the Quicken Loan Wizard to setup the loan, you
should be ready to go.

Property & Debt > Loans > New

> 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.

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.

--
John Pollard
First initial underscore Last name at mchsi dot com
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Posted by John Pollard on June 11, 2006, 9:43 pm

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> 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.

--
John Pollard
First initial underscore Last name at mchsi dot com
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Posted by donhdoyle@yahoo.com on June 13, 2006, 9:53 am

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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

Posted by Carl on June 13, 2006, 10:54 am

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principal