Home Equity Loan current balance owed shows as Positive Amount
I have 2 HELOC accounts with the same bank. I have 2 mortgage accounts with 2 other banks. All 4 accounts are linked in Simplifi with their respective financial institutions. The HELOC accounts are bringing in the current balance owed but no transactions - which is expected. However, what is not expected is that the current balance owed shows as a positive amount. This causes the total for the Liabilities to be calculated incorrectly.
Example:
HELOC A = +$10,000
HELOC B = +$100,000
Mortgage C = -$150,000
Mortgage D = -$200,000
Liabilities total = -$240,000 (but actual balance owed is -$460,000)
Coach Natalie suggested that this is an aggregation issue with the bank.
How would I go about correcting this so that the HELOC accounts show the current balance owed as a negative amount under the Liabilities?
Comments
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Hello @ronshapiro,
Thanks for reaching out! To help clarify your situation, can you let us know if the balances show as positive on the bank's website as well? We would also need to know which financial institution the HELOC accounts are under, if you can provide that information.
-Coach Jon
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Hi @Coach Jon,
Yes, the balances are displayed as a positive amount on the bank's website.
The bank is Zion's Bank https://www.zionsbank.com/
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Hello @ronshapiro,
Thank you! Can you please supply screenshots showing how the positive balance of these accounts is affecting your total Liability balance? If you can also provide a screenshot of the balance on your bank's side for comparison, this would be helpful!
-Coach Jon
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Here are the screenshots.
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Hello @ronshapiro,
Thank you for the requested screenshots. After researching, this does look like it is coming from the the bank's end. My suggestion would be to track the two HELOC accounts manually to see if that works better for you. This way you can make sure the balance is showing up exactly how you want it to and not negatively affecting your overall Liabilities balance.
Here is how to make the account manual: How to Make an Account 'Manual' | Quicken Simplifi Help Center
You can then track the account manually by adding manual transactions, which will keep your records up-to-date going forward. Here are the steps to do so: Managing Transactions in Quicken Simplifi | Quicken Simplifi Help Center
I hope this helps!
-Coach Jon
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Obviously, I am of the opinion that the user should have the ability to chose the sign (+ or -) for the balance on the account, thus avoiding the manual maintenance of said balance. Sigh.
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Hello @ronshapiro,
I can certainly understand your frustration. I think this idea post, requesting the ability to manually update the balance of manual accounts, would work well for you in this case. You can vote for it here:
Thank you!
-Coach Jon
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