Ability to manage and track transactions and details on Loan Accounts [edited] (1 Merged Vote)

djzimmer

I've been reading through the various feature requests and did not see any that address this specific need.

I would like to be able to create a loan account (manually, as it is not attached to a bank, but rather a family member) and show the starting balance of the loan, the APR, monthly payment plan, ability to modify payments on a monthly basis or larger grouping, denote extra payments. In the end, I would like very clear visibility on the progress of paying a personal loan off.

It would be extremely helpful if the debits from my checking account could be identified and subtracted from the balance of the loan account.

cfoxcvg

Need to add mortgage/loan interest rate so we can track principal and interest payments and keep accurate track of account balance for manually tracked accounts. 

cfoxcvg

@Coach Natalie
What is Simplifi's suggested approach to tracking a mortgage payments interest and principal as of right now? Or any other loan payment? I have tried several approaches but I have not gotten any outcomes that accurately keep up with my current remaining balance for this type of debt. 

Coach Natalie

Hello @cfoxcvg,

Thanks for the inquiry!

If you're looking to track your loan payment details such as interest, principal, escrow, etc., you'd want to track the account manually in Simplifi, as this option would allow you to enter your payment transactions and split them accordingly. 

More details on tracking loans in Simplifi can be found here. I hope this helps!

-Coach Natalie

cfoxcvg

Coach Natalie said:

Hello @cfoxcvg,

Thanks for the inquiry!

If you're looking to track your loan payment details such as interest, principal, escrow, etc., you'd want to track the account manually in Simplifi, as this option would allow you to enter your payment transactions and split them accordingly. 

More details on tracking loans in Simplifi can be found here. I hope this helps!

-Coach Natalie

I read that article. So I already have my mortgage set up as a manual account as its institution is not online. Should I create another account for the principal portion of each payment to be linked to via a category? Then would I ignore this this principal account so it does not affect my net worth or do a balance adjustment monthly to zero the account out? Any suggestions? 

Coach Natalie

Hello

@cfoxcvg

,

I don't personally track any loan accounts in Simplifi so I'm sorry that I don't have specific suggestions on how best to go about this, however, if I were to, and if I wanted to track the specific details of my payments, then I imagine that I would track everything under one manual account.

I'd create the manual account using the current balance of my loan as the opening balance, and then each month I'd enter the payment that I made as a manual transaction, and I'd split the payment to show what portion of the payment is going towards each aspect of the loan (principal, interest, etc). I'd also most likely create unique Categories to use for the payments and splits so that I can track each aspect accordingly.

Hopefully some other Users also come along with advice on how they track their loan details in Simplifi, but I hope that this provides some direction.

-Coach Natalie

minx

I tried to do this manually and then poof…I get this screen that now doesn't show any of my transactions anymore. I've tried deleting and importing it again a few times and then after some time..poof, I get the message again. Waste of time. I don't understand why this isn't a feature.

EvvyRox

Should allow the ability to define a private (non-bank) mortgage, with interest rates ranging from zero to something. Scheduled payments with decrementing liability in offset by increasing net worth as defined in an asset account, i.e. "the property."

Pharoiste

What kind of progress is Quicken making with this?

I have a student loan that Simplifi has successfully connected with the provider (namely, AidVantage), and the balance is updated regularly. This is well and good, but I would prefer to be able to see principal and interest broken out. Right now, if I want to keep track of how much interest the loan is accruing, I'll have to change it to a manual account.

I understand that there are various logistical difficulties involved with making entries for any payments that I might send out, but couldn't we at least get a "read only" on loans so we can monitor them better?

UrsulaA

I came from another app that did not download loan transactions either. I divided the loan payment coming from my checking account into loan interest and loan principal using a split transaction. A filter by category, loan principal, helped me quickly see how much I paid off from the loan over the years.

Pharoiste

When I start making payments on my grad school student loan, I'm assuming I'll need to do something similar — either that, or convert the loan to manual, as my undergrad student loan is, and handle the interest that way. It's just such a nuisance, though, and I don't really see where the problem is. Simplifi handles credit card transactions just fine; why can't loans be handled as well?

Candice318

I would like the transactions to be tracked in loan with the linked account. It always shows that it is only balance. However once I switch that account back to manual and unlink from my bank, all the downloaded transactions are there. Pretty frustrating you are getting the data but not displaying until I disconnect the account.