How to get loan payment transactions in both checking and loan accounts?

Question

So I have student loans so I created a liabilities loan account.

I pay off these loans and the transactions get sent to my checking account (since that is what I use to pay).

How do I get these transactions to also reflect in my loans account?

Because I want my loan account's balance to update with each loan payment.

RobWilk · Accepted Answer

I believe as of now, at least this is true for my auto loan, individual transactions are not tracked for loans.  Loan balances only seem to update when downloaded.   There may or may not be a way to update loan balances manually.

It looks like 'manual' loan accounts let you track transactions, see:

https://support.simplifi.quicken.com/en/articles/4593261-how-to-track-loans-and-liabilities-in-quicken-simplifi

-Rob

DryHeat · Accepted Answer

@gern

To get the payment to show up in both the checking and loan account, create (or edit) the payment in the checking account and set the Category to the transfer category that corresponds to your loan account. (It will be a subcategy under Transfer with the name of the loan account).

If you want the loan amount to be accurate, you will have to split the checking account transaction so that the proper amount goes to an interest Expense category and the rest goes to the loan account.

If you loan account is connected and automatically downloads transactions, you will have to link the checking account transactions to those downloaded loan transactions. (Which may happen automatically if the amounts match).