Using Q2005 with Washington Mutual .csv file

Posted by Morgan Montague on November 8, 2006, 3:03 pm

Please log in for more thread options

I've been using Quicken 2005 for about a year now and have my checking,
credit cards and 401(k) and IRA accounts all working just fine. Today, I
wanted to add my Washington Mutual home loan account and I'm not having much
luck. I have 2 items setup by the program under the Property and Debt
column, but how do I download the account history into this. It appears
that only Washington Mutual supports .csv for downloading REAL ESTATE
account info, yet, it appears that Q2005 does not support .csv files.

Any response and pointers in the right direction would be appreciated.

Thanks,

Morgan

Posted by John Pollard on November 8, 2006, 5:09 pm

Please log in for more thread options

> I've been using Quicken 2005 for about a year now and have my

> checking, credit cards and 401(k) and IRA accounts all working

> just fine. Today, I wanted to add my Washington Mutual home

> loan account and I'm not having much luck. I have 2 items

> setup by the program under the Property and Debt column, but

> how do I download the account history into this. It appears

> that only Washington Mutual supports .csv for downloading REAL

> ESTATE account info, yet, it appears that Q2005 does not

> support .csv files.

> Any response and pointers in the right direction would be

> appreciated.

You can't download to Quicken asset or liability accounts (and
Quicken doesn't accept .csv files for transactions for any
account type).

But there really should be no need to download mortgage loan
transactions. If you use the Quicken Loan Wizard to setup your
home loan, Quicken will create a Scheduled Transaction (or a
Memorized Payee, if you prefer), that will take care of your
monthly payments, where each payment will have the correct split
of principal (transferred to your Quicken loan account) and
interest, categorized to your choice of a mortgage interest
category.

You either have Quicken enter the Scheduled Transaction in your
checking account before you Accept the downloaded payment
transaction, or have the downloaded payment transaction use
QuickFill to pick up the correct Loan Wizard payment splits from
your Memorized Payee List.

In either case, your Quicken home mortgage account balance
should be maintained correctly for you by Quicken.

Posted by Morgan Montague on November 9, 2006, 4:28 pm

Please log in for more thread options

>> I've been using Quicken 2005 for about a year now and have my checking,

>> credit cards and 401(k) and IRA accounts all working just fine. Today, I

>> wanted to add my Washington Mutual home loan account and I'm not having

>> much luck. I have 2 items setup by the program under the Property and

>> Debt column, but how do I download the account history into this. It

>> appears that only Washington Mutual supports .csv for downloading REAL

>> ESTATE account info, yet, it appears that Q2005 does not support .csv

>> files.

>> Any response and pointers in the right direction would be appreciated.

> You can't download to Quicken asset or liability accounts (and Quicken

> doesn't accept .csv files for transactions for any account type).

> But there really should be no need to download mortgage loan transactions.

> If you use the Quicken Loan Wizard to setup your home loan, Quicken will

> create a Scheduled Transaction (or a Memorized Payee, if you prefer), that

> will take care of your monthly payments, where each payment will have the

> correct split of principal (transferred to your Quicken loan account) and

> interest, categorized to your choice of a mortgage interest category.

> You either have Quicken enter the Scheduled Transaction in your checking

> account before you Accept the downloaded payment transaction, or have the

> downloaded payment transaction use QuickFill to pick up the correct Loan

> Wizard payment splits from your Memorized Payee List.

> In either case, your Quicken home mortgage account balance should be

> maintained correctly for you by Quicken.

John:

Thanks for responding. I'm a noob at this sort of thing. What is your
recommendation if all I want to
do is to see my Net Worth reflected correctly each month after the Auto Pay
deduction is made from my checking registrar in Quicken for my home loan?

Morgan

Posted by John Pollard on November 9, 2006, 5:26 pm

Please log in for more thread options

> Thanks for responding. I'm a noob at this sort of thing.

> What is your recommendation if all I want to

> do is to see my Net Worth reflected correctly each month after

> the Auto Pay deduction is made from my checking registrar in

> Quicken for my home loan?

Use the Quicken Loan Wizard to setup your home mortgage loan.

Property & Debt > Loans > New

When you get near the very end of the dialog, you have the
option to choose a Payment Method/Payment Type; choose
"Scheduled Transaction". Below that choice is the "Register
Entry" drop down; choose "Automatically Enter", choose your
Quicken checking account, and choose the number of days in
advance of the Payment Date you want Quicken to put the
transaction in your register (I would choose the minimum number
of days to insure that the transaction will be in your register
when you download the real-world payment transaction).

The transaction that Quicken will automatically enter in your
checking account register will have the correct
principal/interest split based on the loan payment schedule
created by the Loan Wizard.

When you download the actual payment transaction from your
financial institution, Quicken will give that downloaded
transaction a Status of "Match" (if your Scheduled Transaction
is already in your Quicken checking account register). When you
Accept the downloaded Match transaction, it will only change
three things in your existing register transaction: the cleared
status ("Clr" field), the "Downloaded" status, and the "Posting
Date". (The latter two fields are hidden; if you need to see
them, select a register transaction, right-click, hold down CTRL
and left-click "Copy Transaction").