How to get correct split from loan and mortgage accounts ?

[Gen Buck Turgidson]

I've been using Quicken for many years and have never been able to
figure this one out. I'm currently using Quicken 2003 Premier.

For example, let's use my mortgage. I set up the loan, selected
a payee and payment method. The split will show the correct
P&I, and allocate the escrow payments correctly.........but only
the first time. The next time I pay, Quicken has memorized the
transaction and enters the split from the setup.

Of course the P&I split changes with every payment and I don't want to
go into the Quicken amortization schedule and do it manually.

In summary, how do I import the amortization information
automatically?

TIA,

Buck

[JohnB]

Yowza. That's a good question. For at least 10 years, I've been manually
entering the split between principal and interest, from my loan statement, a
month after I make the payment.

I have an ARM, and as such, my interest rate varies every six months. This
causes the percentage to change in the payment, between P and I, above and
beyond a change in ratio that would occur due to time, alone. My loan does
not contain any impounds for taxes, insurances, etc.

I've never looked inside Quicken to see if a special split function exists,
that can handle the changing ratio between P and I in a FRM (fixed rate
mortgage). How interesting if it did. What a bargain, to get that for the
modest price one pays for such powerful software.

[Rick Hess]

"Gen Buck Turgidson" <bt@ibm.net> wrote in message
news:r53lmvsslfqpcfl0g150hdlp6ogvcf1o2o@4ax.com... I've been using Quicken for many years and have never been able to figure this one out. I'm currently using Quicken 2003 Premier. For example, let's use my mortgage. I set up the loan, selected a payee and payment method. The split will show the correct P&I, and allocate the escrow payments correctly.........but only the first time. The next time I pay, Quicken has memorized the transaction and enters the split from the setup.

Do you have your loan setup as a memorized transaction or a scheduled one?
It needs to be setup as a scheduled transaction. Do that from the payment
method window in loan setup.


If scheduled, is it setup to automatically enter or enter from a prompt? If
the latter, what window are you entering it from?

--


Rick Hess
New Orleans

[Steve]

"JohnB" <johnb@nospam.com> wrote:I've never looked inside Quicken to see if a special split function exists,that can handle the changing ratio between P and I in a FRM (fixed ratemortgage). How interesting if it did. What a bargain, to get that for themodest price one pays for such powerful software.

Unless I'm misunderstanding the question, Q has been able to do this
since the DOS days...

[JohnB]

I'd appreciate your answer to what might seem a stupid question. Let's just
say I've never used a "scheduled" transaction. I've used plenty of
"memorized" transactions.
I just assumed a "scheduled" transaction would mean the payment would be
made automatically, every month. I never wanted to do that with what I
consider to be a rather large amount of money. Remember, I have an ARM, so
I never thought twice about automating the accounting process, anyway.
Does "scheduled" imply "automatic payment"?
Thanks,
John Do you have your loan setup as a memorized transaction or a scheduled one? It needs to be setup as a scheduled transaction. Do that from the payment method window in loan setup. If scheduled, is it setup to automatically enter or enter from a prompt?
If the latter, what window are you entering it from? -- Rick Hess New Orleans

[Rick Hess]

"JohnB" <johnb@nospam.com> wrote in message
news:vmm2rmml97s750@corp.supernews.com... I'd appreciate your answer to what might seem a stupid question. Let's
just say I've never used a "scheduled" transaction. I've used plenty of "memorized" transactions. I just assumed a "scheduled" transaction would mean the payment would be made automatically, every month. I never wanted to do that with what I consider to be a rather large amount of money. Remember, I have an ARM,
so I never thought twice about automating the accounting process, anyway. Does "scheduled" imply "automatic payment"?

When you setup your loan you should use the "Loan Wizard". Did you do this?

There are several options for posting the payment in Q. I don't have Q
running now, so I'm doing this from memory. Go into your loan setup window
and find payment options. Make sure "Scheduled Transaction" is selected.
You will also see an option for automatic entry or manual entry. It sounds
like you want the manual selection, since you don't want Q posting the
payment without your intervention. You will also have the choice of being
prompted ____days in advance.

If you do this correctly, when you start Q and you have a payment due, you
will see this payment prompt in your "Alerts" window. (I'm speaking from a
Q2002 perspective here; it may be called something else in the version
you're using).

BTW, the "hazard" in making your payment from your register (it will also
show as a prompt when it's due) is that all the payment will post to
principal, at least up to my version (Q2002). This is a bug that I have
reported to Intuit. I don't know if it was ever fixed in subsequent
versions. This is why I asked the OP the question regarding which window
he's entering from.
--


Rick Hess
New Orleans

[ChrisJ9876]

>From: Steve k@w.invDate: 09/19/2003 9:45 AM Eastern Daylight TimeMessage-id: <202mmv0fvfog661e2n0vqcbckgv89eqr71@4ax.com>"JohnB" <johnb@nospam.com> wrote:I've never looked inside Quicken to see if a special split function exists,that can handle the changing ratio between P and I in a FRM (fixed ratemortgage). How interesting if it did. What a bargain, to get that for themodest price one pays for such powerful software.Unless I'm misunderstanding the question, Q has been able to do thissince the DOS days...

I'm running Q2000 deluxe; my mortage split ajusts itself correctly every month;
I do not use a scheduled transaction, I do use a memorized one.

[John Pollard]

JohnB wrote:
I've never looked inside Quicken to see if a special split
function exists, that can handle the changing ratio between P and I in
a FRM (fixed rate mortgage). How interesting if it did. What a
bargain, to get that for the modest price one pays for such powerful software.

I know of no way to do this automatically, but in Q2002 deluxe
for Windows, US, in the loan wizard - for exisiting loans -
there is a box called "Rate Changes" which allows you to enter a
rate change with an effective date.


--
John Pollard
j underscore pollard at mindspring dot com
Please reply to newsgroup

[Michael S. Rosen]

"Gen Buck Turgidson" <bt@ibm.net> wrote in message
news:r53lmvsslfqpcfl0g150hdlp6ogvcf1o2o@4ax.com... I've been using Quicken for many years and have never been able to figure this one out. I'm currently using Quicken 2003 Premier. For example, let's use my mortgage. I set up the loan, selected a payee and payment method. The split will show the correct P&I, and allocate the escrow payments correctly.........but only the first time. The next time I pay, Quicken has memorized the transaction and enters the split from the setup. Of course the P&I split changes with every payment and I don't want to go into the Quicken amortization schedule and do it manually. In summary, how do I import the amortization information automatically?

Are you entering your payment from the register or the loan screen? You
need to do it from the loan screen for it to post the correct principal &
interest splits.

If you want to have it entered each month, under edit payment, select a
payment method of scheduled transaction. If you use online banking and want
it to be input to be sent for payment, select "Online Pmt" next to the
payment method button.

If you want to create a memorized transaction, select payment method
"memorized transaction" and click ok, then ok. It will show up as a locked
memorized transaction with a dialog box linking to your loan module.

Mike

[Gen Buck Turgidson]

On Fri, 19 Sep 2003 08:29:31 -0500, "Rick Hess" <RHess51295@aol.com>
wrote:
Do you have your loan setup as a memorized transaction or a scheduled one?It needs to be setup as a scheduled transaction. Do that from the paymentmethod window in loan setup.

It's set up as an OLRP, or online repeating payment. I've done some
Googling on this NG and read about problems regarding this, but no
solution.

It would seem that many users would want to implement the OLRP, as
there's no chance of forgetting and making a late payment. My version
of Quicken again is 2003 Premier, and it doesn't let you edit an
online repeating payment....only can delete it and start over.

I've tried setting up some test loans, and the P&I is correctly
allocated for the first instance. Then, when I emulate making another
payment, the split is the same as the original.If scheduled, is it setup to automatically enter or enter from a prompt? Ifthe latter, what window are you entering it from?

[John Pollard]

Michael S. Rosen wrote: Are you entering your payment from the register or the loan
screen? You need to do it from the loan screen for it to post the
correct principal & interest splits.

Not really. You can enter the payment from the My Finances
screen (if My Finances - or its Q2003 equivalent - is setup to
show scheduled transactions), or from the scheduled transaction
screen, or, I believe, from the Alerts screen; and get the
correct split. Better yet, make it enter automatically.

--
John Pollard
j underscore pollard at mindspring dot com
Please reply to newsgroup

[P. Prior]

On Fri, 19 Sep 2003 06:45:27 -0700, Steve <k@w.inv> wrote:
"JohnB" <johnb@nospam.com> wrote:I've never looked inside Quicken to see if a special split function exists,that can handle the changing ratio between P and I in a FRM (fixed ratemortgage). How interesting if it did. What a bargain, to get that for themodest price one pays for such powerful software.Unless I'm misunderstanding the question, Q has been able to do thissince the DOS days...

Problem is, the budgeting feature does not use the same numbers. Thus
your budget will not reflect the accurate numbers unless you enter
month by month manually. I find this too much hassle, so I take the 6
month mark and use it for the whole year - first 1/2 the principal is
too low, but by the end of the year it's right.

This is 2001, not sure if this is fixed on newer versions and intuit
is not taking any more of my money.


---
Fighting cancer for Team TIVO: Put your computer to work - join and help the fight.
http://www.grid.org/services/teams/team.htm?id=935D6C4D-7331-4693-8342-DC755FDBB7AA

[Gen Buck Turgidson]

On Fri, 19 Sep 2003 13:54:26 -0400, "Michael S. Rosen"
<mike_20878@nospam.hotmail.com> wrote:

Are you entering your payment from the register or the loan screen? Youneed to do it from the loan screen for it to post the correct principal &interest splits.

I'm doing it from the loan screen.If you want to have it entered each month, under edit payment, select apayment method of scheduled transaction. If you use online banking and wantit to be input to be sent for payment, select "Online Pmt" next to thepayment method button.

This may be the problem, as I have it set up as a Repeating Online
Payment. Is there any way to make it work under this type ?

[Michael S. Rosen]

"Gen Buck Turgidson" <bt@ibm.net> wrote in message
news:f6mnmv09puo6hkoekj2qr3gn99ur1u5fg4@4ax.com... On Fri, 19 Sep 2003 13:54:26 -0400, "Michael S. Rosen" <mike_20878@nospam.hotmail.com> wrote: This may be the problem, as I have it set up as a Repeating Online Payment. Is there any way to make it work under this type ?

Unfortuntely, no. This is an issue many of us have complained about for a
few years now. But I found that it does work as a scheduled online payment
as I described in my previous post. You will still need to connect to
transfer the payment - something you would probably do normally anyway. I
have mine set to record automatically 30 days in advance. I just changed
the payment due date in the loan payment screen to the date I want it to
post. There is no need to set it up in the scheduled transactions screen as
the loan module will take care of it.

Mike

[Gen Buck Turgidson]

Thanks Mike !! :+ )

On Sat, 20 Sep 2003 20:39:56 -0400, "Michael S. Rosen"
<mike_20878@nospam.hotmail.com> wrote:
"Gen Buck Turgidson" <bt@ibm.net> wrote in messagenews:f6mnmv09puo6hkoekj2qr3gn99ur1u5fg4@4ax.com... On Fri, 19 Sep 2003 13:54:26 -0400, "Michael S. Rosen" <mike_20878@nospam.hotmail.com> wrote: This may be the problem, as I have it set up as a Repeating Online Payment. Is there any way to make it work under this type ?Unfortuntely, no. This is an issue many of us have complained about for afew years now. But I found that it does work as a scheduled online paymentas I described in my previous post. You will still need to connect totransfer the payment - something you would probably do normally anyway. Ihave mine set to record automatically 30 days in advance. I just changedthe payment due date in the loan payment screen to the date I want it topost. There is no need to set it up in the scheduled transactions screen asthe loan module will take care of it.Mike