How can I track my mortgage and auto loan (property and debt) and also use those numbers in my budget?

Here's my problem: I want to track my loans to see principal being paid down, interest paid, etc. and I want to see my mortgage and car payments as part of my monthly budget.

I have been unable to make both of these features work using Quicken Deluxe 2012, and hope someone can help me out.  I successfully set up the loan payments and bill reminders (although that had its own set of problems).  I have searched posts to see if others have found a way to do this, but still nothing.

The simplest solution of adding a budget category of Mortgage and Rent didn't work, since my mortgage payment is categorized as a transfer and interest payment.  Same goes for the Auto Payment category of the budget.

I tried creating a custom category in the budget, with subcategories of interest, homeowners ins, and prop. tax, and then a transfer to [House] for the principal.  The budget found the interest, ins, and tax, but didn't show any of the principal of the transfer.  Another problem was that the transfer amounts didn't count in the total $ tally.  Also, I was puzzled by the amount "left" unpaid for the transfer of principal- it showed that double the budgeted amount was "left", so budgeted was 145 and it showed 290 left.

Any help would be appreciated.
Default user avatars original d5efadcf497ea7b3d86c6f8d148d66633a29ce78fa8391af628adf32d9989354
  • Asked by ellbell
  • Quicken Deluxe 2012
Options Edit Ask for details Archive

Answer

The Principal payment on all loans is treated as a Transfer in Quicken.  On budget screen select "add a category to Budget" and click the down arrow on the box in middle of form.  Choose Transfers Out and then from the resulting list choose your car and home loans.  Now they will be on your budget report.

I like doing this from the Advanced Budget Screen because I like the format better there, you actually see check marks by the transfers you want in your budget.

Note though there is a BUG as reported in the link below on the bar graph for loans entered with splits.   It really does not effect the budget report as everything there shows up as it should correctly.

https://qlc.intuit.com/post/show_full/bDhvG2tz4r4B2zeJe_a0eh/bug-on-planning-budget-progress-bars-display-with-split-transaction-containing-transfer
Was this answer helpful? Yes No
Default user avatars original d5efadcf497ea7b3d86c6f8d148d66633a29ce78fa8391af628adf32d9989354
SuperUser

No answers have been posted

More Actions

People come to Quicken Community for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community or contact us