Setting Up Loan Schedules, once imported from Quicken

bdaniel's Avatar

bdaniel

27 Feb, 2016 03:50 AM

I'm migrating my data from Quicken and I'm stuck when it comes to loans.

There are two active loan accounts and several inactive ones. For the two active ones, I cannot determine how to see the loan payment schedule or schedule the transactions from those loans so MoneyDance will automatically calculate the Interest and Principal.

When I select the Loan Account, If I click the menu for Account->Edit Account, I get one screen. It allows me to set the initial liability, which wasn't necessary because there was an Opening Balance transaction. However, it does not allow me to set the interest rate or anything else needed to set up the Loan, nor does there appear to be anything else I can do to have it work as if I had set up the loan from scratch.

How do I handle this so that the loan accounts I have been using remain the same accounts?

  1. Support Staff 1 Posted by Tom Freeman on 27 Feb, 2016 09:27 PM

    Tom Freeman's Avatar

    I am not sure if you perused the FAQ's on migrating from here: http://help.infinitekind.com/kb/importing-data-from-banks-and-other...

    I wonder if the loan migrated over as a liability account instead of a loan account. My initial thought would be to input an existing loan account as described on page 70 for the user guide which you can get here: http://help.infinitekind.com/kb/importing-data-from-banks-and-other...

    If you could send a screen shot from the current loan page and a screen shot of the loan transaction from both the check register and the loan account. Please make sure the transaction is open for the splits. Depending on how the transactions are currently recorded we may be able to batch change the transactions into the loan account if the loan migrated as a liability account.

    Tom Freeman
    Infinite Kind Support

  2. 2 Posted by bdaniel on 28 Feb, 2016 02:09 AM

    bdaniel's Avatar

    Hello Tom…

    I have looked through the majority of the most relevant articles in that link. I’m migrating from Quicken for Windows 2016. The instructions I followed were from this link:

    http://help.infinitekind.com/kb/importing-data-from-banks-and-other-programs/how-can-i-transfer-my-data-from-quicken-into-moneydance

    … I followed the “If you exported … into a single file”, which involves a two step process.

    (I now note that the article at the next link describes a one step process, but was written five months earlier.)

    http://help.infinitekind.com/kb/importing-data-from-banks-and-other-programs/importing-data-from-quicken-in-qif-format

    In any case, you are exactly right. The loans came over as Liabilities.

    Attached are the screen shots you requested. I should note that Quicken, for reasons unknown to me, was adding two blank split transactions for the automatically posted payments (like your payment reminders, I guess).

    Please let me know what process I should follow to make this work. I looked up “Liability to Loan” and tried selecting all the transactions in the Liability account and doing a batch change, but that didn’t result in all the transactions moving over to the Loan account. Hm.

    Help if you can?

    ->Brent

  3. Support Staff 3 Posted by Tom Freeman on 04 Mar, 2016 05:40 PM

    Tom Freeman's Avatar

    Your loans payments have been $325, but the loan set up in MD lists the payments as $324.74.

    If the payments matched it would be a matter of sorting the check register by description, using click top shift click bottom to gather the loan transactions. Then right click select batch change > account. Select the loan account.

    Right now the issue is to determine why the two payments don't match. Can you check the interest recorded in the first paymetn and see how it compares to the interest listed in the loan set up for the upcoming payment..

    Tom Freeman
    Infinite Kind Support

  4. System closed this discussion on 03 Jun, 2016 05:40 PM.

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