Existing Mortgage AND Posting Existing Principal Payments Currently in Account

kevinciotta's Avatar


19 Apr, 2016 07:42 PM

I recently migrated from Quicken 2007 for Mac to MD. I followed the instructions in the MD 2015 User Manual for setting up an existing mortgage. I now have a new account under LOAN called "Citibank Mortgage"; the resulting loan information is the sidebar correctly reflects the current "Remaining" information.

However... here's the fun part... When using Quicken, I used split transactions (automatically calculated and entered by Quicken's mortgage function) to enter my payments to Citibank in my checking account. Interest posted to a category called "Mortgage Int"; principal posted to an account called "410 Mortgage." When I migrated to MD, the "410 Mortgage" account transferred an account under LIABILITY; it contained all of my principal transactions. The Opening Balance in that account was my original mortgage amount. I don't want to lose this history AND I would like it recorded in the same way/account MD will use moving forward.

I assume future principal payments in MD will post to the "Lender Mortgage" account (right?) with the interest still be categorized as "Mortgage Int" (the category I chose when setting up the MD account - same as I used in Quicken). I don't want to lose my past principal payments in the "410 Mortgage" account so I'm wondering: 1) Should I go back to my checking account and change the account to which the principal was posted from the original Quicken "410 Mortgage" account to the MD "Lender Mortgage" account? 2) As the "Remaining" information is adjusted for the current state (per the User Manual instructions), will moving these principal payments in effect "double deduct" from this account - meaning the Remaining information will be wrong? 3) If I should be doing this (i.e., it won't cause errors), is there a way to Batch Change only one item (the principal) in the split? 4) If I shouldn't move the principal entries (yet), what should I be doing to reflect the current state (the "Remaining" numbers) but also keep track of past principal payments as part of a single account.

Thanks... K.

  1. 1 Posted by Tom Freeman on 27 Apr, 2016 07:00 PM

    Tom Freeman's Avatar

    When you create the loan account in MD, put in the original principal, interest, start date and number of payments. You can then go into the liability account and select all (cntl-A), right click, select batch change >account, move the principal payments to the loan account. This should adjust the principal and interest moving forward accordingly. You would then go account > edit account and adjust the remaining number of payments.

    I am assuming you created a reminder for the upcoming payments. When you record this transaction the interest is assigned to the interest category and the remainder of the payment is assigned to the loan reducing the principal. When the transaction downloads into your checking you should be able to merge it with the recorded transaction from the reminder.

    When you are comfortable with how the transactions are merged you can go to file > preferences, select network tab and toggle on auto merge downloaded transactions.

    Tom Freeman
    Infinite Kind Support

  2. System closed this discussion on 30 Jul, 2016 03:52 AM.

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