Home Equity Loan Payment Setup?


C

charliec

Since upgrading to Q2014, I have a problem with my Home Equity Loan Payment.
Situation is this - I have a Home Equity Line of Credit and the rate could
change often, so, I had a Reminder setup monthly that was as follows:

Payment from Savings Account

Split Category:
Portion of the payment to Mortgage Interest Category
Main portion payment to the Principle in the Home Equity Account

I would edit the reminder when entering each month and change the Interest
amount and click adjust to have it adjust the Principle amount, then post it.

After upgrading to Q2014, when I do the same thing, the principle is deposited
to another cash account, not to the Home Equity account (when editing to change
the interest, I notice that the deposit to account is changed to a cash account
and the Home Equity Account is not listed in drop-down windows for "to"
accounts).

How do I correct this problem and setup a reminder to work as I outlined above
(as it did prior to the upgrade).

Thanks for any insights/tips. If you need more information, let me know.

charliec
 
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D

danbrown

A stab in the dark.

Have you set up the HELOC as the Q account type of "Mortgage" (this info can be found by CTRL-A, click Edit next to the acct name, it's on the Account Details screen under "Loan Type")?
Have you enabled this account for download from your bank?

If answer to the above is YES, no manual payments are permitted to the HELOC. This is a new (and much regretted) feature of Q2014. The only transactions that can be posted to a "downloadable" Mortgage account are those downloaded from the bank.

db
 
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C

charliec

Thanks for the reply, Dan. See my responses below.

charliec
A stab in the dark.

Have you set up the HELOC as the Q account type of "Mortgage" (this info can be found by CTRL-A, click Edit next to the acct name, it's on the Account Details screen under "Loan Type")?
The Loan Type is "Loan" - I see options to make it a "Mortgage" and another
one to make it a "Home Equity Loan" and some other options for other types of
loans. Should it be set for Home Equity Loan?
Have you enabled this account for download from your bank?
No, it is not set to download from the Credit Union - before updating to Q2014,
I had a reminder setup on the account to post the payment and had split category
setup to take the payment amount from saving account, take a portion for
interest and would adjust the payment posted to the loan for the remainder.
Worked fine until the update.
If answer to the above is YES, no manual payments are permitted to the HELOC. This is a new (and much regretted) feature of Q2014. The only transactions that can be posted to a "downloadable" Mortgage account are those downloaded from the bank.
Any more thoughts and/or instructions?
 

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