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Quicken 2016 For Mac

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Quicken for Mac 2016 was released last Summer and added bank bill pay and the team continues to work on more legacy features for 2016 customers. The current Quicken for Mac team is very passionate about building a great product and to deliver the functionality long time loyal Quicken users want. Quicken Mac 2016 Rename Rules. Carl Hilton Member. November 2016 edited August 2018 in Errors and Troubleshooting (Mac) How do I find the renaming rules in Quicken 2016 for Mac?

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edited August 2018 in Errors and Troubleshooting (Mac)
I'm using Quicken for Mac 2016. I attempted to set up categories for reducing the outstanding loan amount each month and then an interest expense category. I believe I have 'totally screwed up' the loan account I originally set up by messing with categories including a transfer category. Can anyone point me to a video and/or other help that will show and explain categories and transfers.as it relates to mortgage loans.. how they look in the split display? Thanks in advance.

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  • edited August 2018
    I believe your mistake is treating the principle as a category. The principle is always a transfer to a loan account, because it reduces the loan by the that amount.
    Read this Quicken Mac FAQ for the description: How to set up a mortgage/loan (in QM2015/2016)
    Watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016).
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.

    (Canadian user since '92, STILL using QM2007)
    Have Questions? Check out these FAQs:
    • Quicken Windows FAQ list
  • edited March 2017
    HQ, let me use some round numbers to illustrate. Let's say your mortgage balance is $150,000, and your monthly mortgage payment is $1,000. You pay your mortgage out of your checking account. You've created a Liability account called 'XYZ Mortgage Co.' with an opening balance of $150,000. (If you have questions on how to do any of that, write back.)
    Now, in your checking account, you're going to enter your mortgage payment. You enter a payment to XYZ Mortgage Co. for $1,000. Click on the Split icon. Your first split line is going to be the amount of principle paid off for this month, and the second spit line is going to be the interest paid for this month. You'll need either your mortgage statement or an amortization spreadsheet to know what those values are each month. Let's say the first month is $400 principle and $600 interest. So here are your split lines:
    Split line 1
    Category is Transfer
    Transfer is XYZ Mortgage Co.
    Amount is -400.00
    Split line 2
    Category is Home:Mortgage Interest
    Amount is -600.00
    That's it. After entering this transaction in your checking account, your checking account is reduced $1,000, your loan balance is reduced $400, and you have $600 in interest expense.
    You can set up this transaction in your checking account as a recurring monthly transaction by clicking the Schedule button in the bottom toolbar. Then, each month, you'll have to take a few seconds to edit the transaction for the correct split between principle and interest.
    If part of your monthly payment goes to an escrow account for real estate taxes, that's pretty easy to add to the equation. Create a new Asset account called Escrow, and enter the current balance in your escrow account. Then add a third split line to your monthly transaction for the amount paid to your escrow account: Category=Transfer, Transfer=Escrow Account. Then when you get a tax bill that is paid from your escrow account, you'd make an entry in the escrow account with the Payee='My School District' and the Category=Taxes:Property Tax.
    Write back if any of that doesn't make sense!
    QMac 2007 & QMac Subscription • Quicken user since 1993
  • edited November 2016

    I believe your mistake is treating the principle as a category. The principle is always a transfer to a loan account, because it reduces the loan by the that amount.
    Read this Quicken Mac FAQ for the description: How to set up a mortgage/loan (in QM2015/2016)
    Watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016).
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    Thanks for your response. First, I should add my mortgage company debits my checking account automatically for my monthly payment. And, I download the transactions into the Quicken Mortgage Loan account. I did mistakenly created a category for the monthly principal.
    Now, I can't figure out how to reverse my mistakes so the correct principal amounts reduce the mortgage loan account and the interest goes into an Interest Exp category. When I do a split on a monthly transaction and type in the principal amount from my statement Quicken creates a third row with an amount shown as uncategorized and I have no idea what the amount relates to.
  • edited December 2016

    I believe your mistake is treating the principle as a category. The principle is always a transfer to a loan account, because it reduces the loan by the that amount.
    Read this Quicken Mac FAQ for the description: How to set up a mortgage/loan (in QM2015/2016)
    Watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016).
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    The card occupies the top PCI Express slot (slot 4) and connects to the four internal drive bays. It has 256MB of cache and an integrated 72-hour battery for protecting the RAID cache. Raid system mac pro. I was wondering if anyone had thoughts on it, how it works, what it really does, etc. With only 4 internal drives available, I wondered if perhaps using this card you could boot on RAID 5. It sounds pretty steep at $1k.+'Ideal for video and creative professionals with demanding storage needs as well as for tower server applications, this hardware RAID option supports RAID levels 0, 1, 5, 0+1, and Enhanced JBOD.

    If you have a statement that shows the actual principle from each payment, then the balance is either escrow, fees, or interest. If you have no escrow or fee amounts, then the full amount left over is interest and can be added to the interest line of the split transaction.
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.

    (Canadian user since '92, STILL using QM2007)
    Have Questions? Check out these FAQs:
    • Quicken Windows FAQ list
  • edited March 2017
    Thanks for your detailed explanation. It all makes sense.
    I'm still ground up trying to figure out how to reverse my mistakes.
    I'll just add my update to the other Super User in terms of where I am. Feel like I'm in a Quicken maze that I created and can't find my way out! ;-)
    My mortgage company debits my checking account automatically for my monthly payment. And, I download the transactions into the Quicken Mortgage Loan account. I did mistakenly create a category for the monthly principal and messed up the transfer that resulted from my download from the mortgage company.
    Now, I can't figure out how to reverse my mistakes so the correct principal amounts reduce the mortgage loan account and the interest goes into an Interest Exp category. When I do a split on a monthly transaction and type in the principal amount from my statement Quicken creates a third row with an amount shown as uncategorized and I have no idea what the amount relates to.
    Thanks again.
  • edited December 2016

    I believe your mistake is treating the principle as a category. The principle is always a transfer to a loan account, because it reduces the loan by the that amount.
    Read this Quicken Mac FAQ for the description: How to set up a mortgage/loan (in QM2015/2016)
    Watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016).
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    Forgot to say:
    the principle portion is what gets placed in the transfer line of the split transaction to your loan account.
    So bottom line is, you should go to the bank account side of the transcation and adjust each one to be a split transaction; one line of the principle, which will be a transfer to your loan account, the second line is for the interest (add more lines for the escrow and fees as applicable).
    Now on the mortgage loan side, you probably will end up with duplicates: one created from the downloaded data from the FI/bank, the other created from the transfer from the bank account entries you are editing. You will need to delete the transactions in the mortgage loan account downloaded from the bank.
    Then you should reconcile the mortgage loan account with the remaining transactions against your mortgage statement.

    If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.

    (Canadian user since '92, STILL using QM2007)
    Have Questions? Check out these FAQs:
    • Quicken Windows FAQ list
  • edited December 2016

    I believe your mistake is treating the principle as a category. The principle is always a transfer to a loan account, because it reduces the loan by the that amount.
    Read this Quicken Mac FAQ for the description: How to set up a mortgage/loan (in QM2015/2016)
    Watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016).
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    Once you get through that, you will need to make sure all is set up correctly for future transactions.
    Since you already have the loan account created, you will need to make sure you have the loan payment created as scheduled transaction to your bank account. Then every payment, you will apply the payment and modify the principle and interest lines as needed.
    After all is set up, I would recommend one of 2 choices:
    • Only download your data for the bank account FIRST. This will allow you to match the download to your scheduled transaction and apply it to your bank account, with the edits you need to make to the split lines. Then you can download you mortgage loan account data, which should then match your newly applied entry into your bank and mortgage account, via the transfer line of the split transaction
    • OR FIRST apply the loan payment to your bank account BEFORE you download ANY data, again applying any edits to each split line. THEN you can download the data for your bank account and your mortgage loan account. In this case, the order does NOT matter.
    Once your data are downloaded, then you will be able to reconcile the bank account with its statement and the mortgage loan account with the mortgage loan statement.
    HTH.

    If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.

    (Canadian user since '92, STILL using QM2007)
    Have Questions? Check out these FAQs:
    • Quicken Windows FAQ list
  • edited December 2016

    I believe your mistake is treating the principle as a category. The principle is always a transfer to a loan account, because it reduces the loan by the that amount.
    Read this Quicken Mac FAQ for the description: How to set up a mortgage/loan (in QM2015/2016)
    Watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016).
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    ONE CORRECTION re: 'You will need to delete the transactions in the mortgage loan account downloaded from the bank.'
    You may not need to perform this step. Instead..you may be able to match the duplicates by dragging one over the other. This should allow Quicken to learn the matching criteria and improve the matching for future downloads of your mortgage loan data.

    If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.

    (Canadian user since '92, STILL using QM2007)
    Have Questions? Check out these FAQs:
    • Quicken Windows FAQ list
  • edited November 2016

    I believe your mistake is treating the principle as a category. The principle is always a transfer to a loan account, because it reduces the loan by the that amount.
    Read this Quicken Mac FAQ for the description: How to set up a mortgage/loan (in QM2015/2016)
    Watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016).
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    Wow. Do appreciate all this help! Now, I'll have to digest and execute. Needless to say, it's clear why you're designated a super user. A future version of Quicken for Mac automating some of this will be greatly appreciated.
  • edited December 2016

    I believe your mistake is treating the principle as a category. The principle is always a transfer to a loan account, because it reduces the loan by the that amount.
    Read this Quicken Mac FAQ for the description: How to set up a mortgage/loan (in QM2015/2016)
    Watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016).
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    You can now VOTE for the feature for Loan Amortization, here:
    https://getsatisfaction.com/quickencommunity/topics/loan-amortization-in-quicken-for-mac-2016
    Be sure to click on the link above to go there, then click VOTE at the top or THAT page to increase the count and therefore its visibility to the developers.
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.

    (Canadian user since '92, STILL using QM2007)
    Have Questions? Check out these FAQs:
    • Quicken Windows FAQ list
  • edited November 2016

    I believe your mistake is treating the principle as a category. The principle is always a transfer to a loan account, because it reduces the loan by the that amount.
    Read this Quicken Mac FAQ for the description: How to set up a mortgage/loan (in QM2015/2016)
    Watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016).
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    Thanks again for your help!! Got it all straightened out . Quicken Mortgage Loan account is spot on..principal and interest amounts all square with the Mortgage Company balance. Made my weekend work with Quicken for Mac and I learned a lot!
  • edited December 2016

    I believe your mistake is treating the principle as a category. The principle is always a transfer to a loan account, because it reduces the loan by the that amount.
    Read this Quicken Mac FAQ for the description: How to set up a mortgage/loan (in QM2015/2016)
    Watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016).
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    Good going!

    If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.

    (Canadian user since '92, STILL using QM2007)
    Have Questions? Check out these FAQs:
    • Quicken Windows FAQ list
  • edited December 2016

    Thanks for your detailed explanation. It all makes sense.
    I'm still ground up trying to figure out how to reverse my mistakes.
    I'll just add my update to the other Super User in terms of where I am. Feel like I'm in a Quicken maze that I created and can't find my way out! ;-)
    My mortgage company debits my checking account automatically for my monthly payment. And, I download the transactions into the Quicken Mortgage Loan account. I did mistakenly create a category for the monthly principal and messed up the transfer that resulted from my download from the mortgage company.
    Now, I can't figure out how to reverse my mistakes so the correct principal amounts reduce the mortgage loan account and the interest goes into an Interest Exp category. When I do a split on a monthly transaction and type in the principal amount from my statement Quicken creates a third row with an amount shown as uncategorized and I have no idea what the amount relates to.
    Thanks again.

    HQ, we can work this through and get you fixed up!
    First, I wanted to clarify what you are downloading. Is it *just* transactions from your checking account bank, or are you also downloading something from Quicken Loans? Here's why I'm asking.. If it's just your checking account, then the split you create will transfer the portion of the payment that is principle to transfer to -- and reduce the balance of -- your loan account. But if you are also downloading transactions from Quicken Loans then you already have a transaction reducing your principle, and the approach in Quicken would be different.
    I think I know what's happening, but before I go off on a wrong tangent, could you fill in a few details by saying what is one of the transactions is currently. Just use round dummy numbers, but tell me the total amount of the transaction, and then what the existing split lines are (category, transfer, amount).
    QMac 2007 & QMac Subscription • Quicken user since 1993
  • edited November 2016

    Thanks for your detailed explanation. It all makes sense.
    I'm still ground up trying to figure out how to reverse my mistakes.
    I'll just add my update to the other Super User in terms of where I am. Feel like I'm in a Quicken maze that I created and can't find my way out! ;-)
    My mortgage company debits my checking account automatically for my monthly payment. And, I download the transactions into the Quicken Mortgage Loan account. I did mistakenly create a category for the monthly principal and messed up the transfer that resulted from my download from the mortgage company.
    Now, I can't figure out how to reverse my mistakes so the correct principal amounts reduce the mortgage loan account and the interest goes into an Interest Exp category. When I do a split on a monthly transaction and type in the principal amount from my statement Quicken creates a third row with an amount shown as uncategorized and I have no idea what the amount relates to.
    Thanks again.

    Thanks for your follow-up! Fortunately, I was able to clear up the issue by relinking the downloaded mortgage payments to the loan account. Everything is balanced now. Do appreciate your help!!
  • edited August 2018
    I am disappointed that you are/have not included loan amortization. You had it in previous editions and if I had known that I would have used a different product. Now I am committed to use 15 until the end of this year. January will be another decision point.
  • edited December 2016

    I am disappointed that you are/have not included loan amortization. You had it in previous editions and if I had known that I would have used a different product. Windows snap for mac. Now I am committed to use 15 until the end of this year. January will be another decision point.

    Apparently, Quicken is working on this feature, though no mention as to when it will be available. Meanwhile, to have your say, please add your vote to this feature request as noted above : https://getsatisfaction.com/quickencommunity/topics/using-quicken-for-mac-2016-for-mortgage-loan?top..
    (If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.)

    If you find this reply helpful, please be sure to click 'Like', so others will know, thanks.

    (Canadian user since '92, STILL using QM2007)
    Have Questions? Check out these FAQs:
    • Quicken Windows FAQ list