I could have sworn I posted this earlier, but didn't see it in my discussions, so posting again. Apologies if a technical glitch causes this to come up twice.
I have imported my Quicken file and I have a mortgage that was imported as a Liability account. I have followed the directions and created a new loan account and reclassed all existing mortgage payment transactions (only a dozen or so thanks to a refinance).
My problem is that I cannot seem to split the initial transaction (borrowed amount) to all the places it needs to go to. My new mortgage paid off my old mortgage, some taxes, escrow, fees, etc etc etc. You can't seem to split anything in the loan register. Pretty surprising since very rarely do loan proceeds ever wind up in just one place.
As a result, my previous mortgage now owes me money as a result of all the loan proceeds from the new mortgage going to pay off the old. Anything I'm missing or do I just need to create a bogus hold account and funnel all the money there and create a split to all the appropriate locations?
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1 Posted by netr@cer on 03 Feb, 2023 07:30 PM
Still hoping for some guidance on this one. One of the last migration issues remaining!!!!!!
2 Posted by dtd on 03 Feb, 2023 08:53 PM
just a user - loans are useful, and you make a calculation which determine principal and interest paid each month, then you can add an escrow category. So you basically end up with 3 possible splits (principal, interest, escrow). You could dump everything into escrow, then split that up, as you state.
Personally, I'd have kept the liability account, as you can make as many splits as you want. Of course, then you'd have to manually determine how much goes into each category manually, or from another mortgage calculator, so that might be an issue.
Hope that helps - it's basically what you know already, I'd think.
3 Posted by netr@cer on 06 Feb, 2023 03:51 AM
Actually its the reverse. I'm looking to split the initial loan proceeds.
The principal, interest, escrow are easy as they come out of the checking account into the loan.
4 Posted by dwg on 06 Feb, 2023 04:16 AM
You set up the loan, and set the account for the proceeds to go to.
You then go to the account the proceeds went to, edit the transaction and enter the splits in, After you have entered the split(s) the portion left over will be in this account.
netr@cer closed this discussion on 12 Mar, 2023 02:21 PM.