question about loan account

Posted by EdStevens on January 18, 2009, 8:40 pm

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Just upgraded from 2006Dlx to 2009Dlx, on Vista Home Premium.

Poking around on the new interface, I clicked on the "Net Worth" tab
and noticed an oddity in the "Loan Accounts Summary" section. I have
an auto loan that was set up in 2005 and have been making regular
monthly payments. According to the summary, I have paid over $13k on
the loan principal, but zero on interest, there are 48 payments
remaining (it was 48 month loan at initiation) and a *credit* balance
of $400 and change. If I click on the link to see the register for
this loan, it shows all of the payments made, although it is all to
principal, no interest.

Obviously there are some discrepancies and I don't know what I've done
to create them.

- Why would it show 44 monthly payments (on a 48 month loan) in the
register, but the summary report 48 payments remaining - essentially
saying I had made no payments?

- Why would it not have made splits against principal *and* interest,
when it was clearly set up as a 'loan' account?

This was the first ever account I set up in Q. specifically as a
'loan' account, so it's quite possible I did something wrong at that
point. The account detail does show that i supplied an interest rate
at setup. Also, I believe that, with the start date of that account,
I would have set that up in Q2003, then taken it through upgrades to
2006 then 2009. Given the possibility I set up something wrong, I can
understand the lack of splits and the resulting incorrect balance, but
not why the summary shows 48 payments remaining.

Posted by John Pollard on January 19, 2009, 9:47 am

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EdStevens wrote:

> Just upgraded from 2006Dlx to 2009Dlx, on Vista Home Premium.

> Poking around on the new interface, I clicked on the "Net Worth" tab

> and noticed an oddity in the "Loan Accounts Summary" section. I have

> an auto loan that was set up in 2005 and have been making regular

> monthly payments. According to the summary, I have paid over $13k on

> the loan principal, but zero on interest, there are 48 payments

> remaining (it was 48 month loan at initiation) and a *credit* balance

> of $400 and change. If I click on the link to see the register for

> this loan, it shows all of the payments made, although it is all to

> principal, no interest.

> Obviously there are some discrepancies and I don't know what I've done

> to create them.

> - Why would it show 44 monthly payments (on a 48 month loan) in the

> register, but the summary report 48 payments remaining - essentially

> saying I had made no payments?

> - Why would it not have made splits against principal *and* interest,

> when it was clearly set up as a 'loan' account?

> This was the first ever account I set up in Q. specifically as a

> 'loan' account, so it's quite possible I did something wrong at that

> point. The account detail does show that i supplied an interest rate

> at setup. Also, I believe that, with the start date of that account,

> I would have set that up in Q2003, then taken it through upgrades to

> 2006 then 2009. Given the possibility I set up something wrong, I can

> understand the lack of splits and the resulting incorrect balance, but

> not why the summary shows 48 payments remaining.

Be sure you're on the current release of Q2009, which is R4.

Try Validating a Quicken Copy of your data, then see if the problem still
exists in the Validated Copy. If the problem is gone, make the Validated
Copy your current file.

If Validating the Q2009 data doesn't help, consider reinstalling Q2006,
Validating a Quicken Copy of the Q2006 data, then converting that Validated
Copy to Q2009.