Have not read the entire thread, so you may know some of the info below already:
How did you set up the reminder?
I found the behavior that you describe (principal / interest split not correctly calculated), when I set up the reminder by going into the BANK ACCT FROM WHICH THE LOAN IS PAID, right-clicking a loan payment, and then selecting "Memorize" from the popup menu.
HOWEVER, this is what fixed it for me:
1) Delete the reminder created by the above procedure (if it exists)
2) Go into the LOAN acct itself.
3) Click the "Actions" button in the top left corner
4) Select "Payment Reminder" .An "Edit Payment Reminder" window will appear.
5) Set up the details of the Payment Reminder.
For me, any (loan) payment reminder set up using steps 2 thru 5 shows up correctly in the bill scheduler. Furthermore, principal and interest portions of each of the loan payment are correctly calculated***, assuming your loan setup (interest rate) is correct.
***Still check with your loan provider. Even though principal and interest portions are calculated, they may differ by a couple of pennies from what your loan provider calculates....
I originally set my loan payments up from the loan account, using your steps 2-5 above. I agree that when I look at the FUTURE scheduled payments in the calendar, or when I look at the "next payment" prediction in the loan account, it shows the correct principal/interest split.
However, that is not the problem. Please read the original post and the next few after it.
The problem is that when the loan payment date comes, and the payment "auto-commits", the principal interest split that actually gets recorded, in both the loan account and the checking account from which is paid, is the SAME split as on the first payment and NOT the split that was predicted as described above. I noticed this problem because over a year or so my paid-down principal balance in MD was way off what the bank said. I went back and looked at a year or so of payments and the P-I splits were all identical, despite my having set up the automatic payment through the MD loan account.
And yes, BTW, the total amount that MD calculates is always $0.01 > what my bank calculates, but I can live with that.
So in sum, I've already done what you said, and it did not help.
I have never used the "autocommit" feature, so I have not seen this behavior. And it seems the issue lies w/ the "autocommit" more than with the principal / interest calculation part of the loan payment reminder.
I have not read comments older than Aug. 2010 since it seems
there is continuing problems with loan (mortgage) principle
calculation from month to month. Seems like a long time to get a
bug fix for an important function that we all paid for.
Adding my observation and problem MD is subtracting the interest
paid portion (in other words the full payment amount) from the
previous principle balance of the month before compounding
principle error every month by the total interest paid. Looking at
transaction details is looks like the interest portion is not
getting transfered to an interest category either.
The problem pointed out in post 38 by jfjorgensen I don't
believe is the same issue that this thread is addressing. It sounds
like a completely different unrelated issue.
To recap, the problem that is the subject of this thread is that
mortgage payments from month to month use the same amounts for
principal and interest every month as opposed to amortizing the
payments each month where the principal part of the payment goes up
every month and the interest part decreases every month. I
documented the problem in post 25 of this thread.
Now what somebody pointed out is that the auto commit of the
mortgage payments might be causing the problem. So what I did back
in April of last year (2010) was correct my past entered mortgage
payments manually (that was fun) and then unchecked the auto commit
on the mortgage reminder. So instead of the mortgage payment being
automatically entered in the register, it shows up in the reminders
section of the home page 14 days before it is due. When I see it in
the upcoming reminders, I merely click on it and then click the
"Record Transaction" button of the reminder. I've been doing this
for 10 months now and all the payments for the mortgage I track in
MD have exactly matched what the bank calculated every month. I've
never had a problem since. Apparently, the auto-commit is the
culprit of the bug. As long as you turn off the auto commit on the
reminders, it appears everything then works fine.
Yes, this is a workaround and this should get fixed. But it
takes me, at most, an extra 3 seconds a month to click the mouse
twice to enter the mortgage payment every month.
I am trying very hard to like MD after using QuickenMac for 20+
years, most recently Q2006. And much of it is good. But this issue
is the latest obstacle I have to using MD after having spent
probably 20 hrs understanding it and cleaning up the QIF
I can handle using the workaround referred to in #34, but I
cannot find an Action button, and see elsewhere that it was
eliminated to "improve the user interface". It is still referred to
in the latest help file. How can I access the screen to set up a
loan payment reminder - that properly allocated P + I ?
And am I still unable to set up a loan payment with principal
and interest for a loan I make? Won't putting in a "negative loan"
amount work? Q asked if I was getting or making the loan in the
PS: I am trying to do this for loans imported via the QIF from
Q2006 - not for a new loan.
I don't think the action button was eliminated. When I go to a loan account, I see the action button right above the dates of the transaction register. I am running MD Version 2010r3 Build 756. I believe the actual current release is Build 754 or 755 (I manually went out and updated to 756 although you shouldn't need to). I know that button was present in the last couple builds I've had as well.
Thanks for responding. You are right that the button is there
for Loan accounts.
After an hour or so of searching the forum, I found that my
problem was that MD imported my QuickenMac QIF Loan accounts as
Liability Accounts!! No mention of that anywhere that I saw
regarding importing. And the first discussion thread that I found
said the import of Loan accounts should have been handled
separately, importing into manually created MD Loan accounts, with
no way to do it after the fact!!! And I have already invested many
hours cleaning up the file so far; not the answer I wanted.
That appears work and to solve my problem. Her method is simple
and straightforward, and I even got my reminder in place, though it
took a bit of trial and error to get the info right for a loan
already in progress.
My editorial comment: Mary's method should be in MD Help/User
Guide, along with the info about imported Loan accounts. It is just
one example of a User Guide that is sorely lacking, appears to be
recognized as such, but the comment for years now is that "we know
it and it is being worked on" Sean, I suggest to you that lack of a
robust, up-to-date User Guide is a major obstacle that discourages
potential new users from adopting MD - they give up. I would have
hours ago if I wasn't so persistent - it is now almost a challenge
to make it work for me.
I still wish I could have payments for loans I make, but I can
handle that one situation as a Liability Acct and I will do the
Principal/Interest split myself. It seems like entering a negative
loan amount should work, but it didn't when I tried it. It took the
negative principal, but didn't create a payment properly in the
From: davet65 <[email blocked]>
To: "[email blocked]" <[email blocked]>
Sent: Mon, February 21, 2011 10:12:43 AM
Subject: Re: Loan account does not apply principal/interest split it calculates
I too am experiencing this bug - "auto-commit" messes up the
principal/interest split while manually entering the transaction
does not. Fortunately I noticed this before I had too many
transactions to manually correct. I see this was originally
reported in 2009. Is this ever going to be fixed??
We have made some significant progress in diagnosing this issue,
but I still don't have a fix date. I have increased the severity of
this bug ticket and asked our programmers to take a look at this
issue again. I'll ask them to post here when they have more
I have recently started using MD (former Quicken/Mac user) and
have stumbled across this bug. I am not using auto-commit just
because of this bug. In my case, the value displayed in the split
always seems to be the interest/principal values from the previous
It's been two years for this bug. I appreciate that you've made
significant progress on diagnosis, but it seems clear to me that
the priority on this bug is pretty low.
Anything I can do to bump the priority on this bug?
This is a serious flaw for a money manager program that wants to
be taken seriously. Hard to believe it has been 2 years without a
fix. One thing I like about MD is the responsiveness of the
developers, but this makes me wonder if I misjudged that.
Because I very much prefer the auto-commit feature I let the
program (erroneously) record unchanging splits from month to month.
Then, once a year, I make a single adjusting entry to bring the
balance in line with reality. It is a temporary workaround but it
works with less effort that others I suggested in this thread.
Make the adjusting entry to the bank account used for payments,
or, if you assigned the loan to an asset account when you set it
up, use that account. It doesn't reallly matter what account you
use. Just create a zero sum transaction with debits/credis to the
loan account and the corresponding interest account. The loan
balance and annual interest are then up to date.,You only need to
do it once a year (use mortgage company statements), unless you
really care about the balance to the penny every month (hard to
imagine with a mortgage).
This is MUCH easier than re-entering/editing historical monthly
payment transactions to fix the princ/interest splits every single
payment, which some users report doing.
Hope this helps. I really like MD, I converted lots of Quicken
data to MD over a year ago and MD has been working great ever since
except this nuisance bug.
I experience this problem when I download the payment from the
checking account from which the loan payment is made. The system
wants to credit the whole amount to the loan, and in the reconcile
state it only wants one category to credit the payment. This makes
it necessary to edit the payment or use a workaround presented
above. I would like the system to offer a previous payment as a
recognized previous transaction, but with the split between
interest and principal according to the payment in the amortization
table for this loan.
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