Repeating Online Mortgage Payments
I just refinanced my home. I set up the monthly payment as a repeating
online payment. For the repeating online payment, Quicken of course wants
to know who the payee is, so I provide that info. I do NOT provide any
split info, since that will change monthly between principal and interest.
I set up the loan. In the "Edit Loan Payment" dialog I enter my escrow
info, and Quicken correctly adds it to the P&I I entered in the original
loan setup - "Full Payment" amount is fine. The "Category for Interest" is
set up as "Interest Exp."
Here's apparently the step where I am messing up: I change the Payment
Method to "Repeating Online" and link it to the repeating online payment I
had previously set up. I select OK, OK. I could have sworn in previous
versions this would automatically link the payment to the loan account and
Split the payment between Interest, Principal, and the escrow accounts.
However, when I look at the loan account register after my first payment,
there is no split-- all has been applied to principal.
Am I doing something wrong, or can this not be done? I went back and looked
at a previous loan (2 refi's ago) and I can see the monthly split in the
checking account and in the loan register. I know I didn't enter all those
splits manually - or did I?
Just working from memory here, but I think you must make sure
that the payment that first enters your Quicken account register
comes from a Quicken scheduled payment, or that you have a
Quicken memorized payment for the downloaded transaction to get
the split info from. A recurring online payment is not entered
directly into your Quicken register, it gets into your Quicken
register when it is downloaded as an actual payment from your
fi.
One way to do it is to setup a recurring online payment for the
actual mortgage payment and a Quicken scheduled payment for the
Quicken transaction, making sure the Quicken scheduled payment
is entered in your register before you download the actual
payment transaction.
The alternative would be, I think, to setup the Quicken loan
payment as a memorized transaction so when the actual payment
transaction is downloaded, it will pick up the correct split
from the memorized transaction.