How to Adjust Your Principal-Interest Breakdown in Quicken 2012
Not to bum you out, but when setting up loans in Quicken 2012, your principal-interest breakdown will often be wrong. You may calculate interest expense as $544.55 when your bank calculates it as $544.56. A few pennies here, a few pennies there, and pretty soon, your account balance and interest expense tallies are a few pennies off.
You can try calling the bank, telling whomever you talk to what a bozo he (or she) is, and then demanding that someone there correct your balance.
Or (and this method is really more practical) you can adjust your records to agree with the bank’s records. Here’s how:
Display the register for the liability.
To get to this account’s register, you just click the account name on the Accounts bar.
Click the Account Actions button and choose the Update Balance command.
(Go ahead. Tap your keys very hard if you’re angry that the bank won’t adjust its records.) Quicken displays the Update Balance dialog box.
Enter the correct account balance (that is, the one that the bank says is correct).
Type the correct figure in the New Balance text box. (The amount probably comes from the year-end or month-end loan statement.)
Enter the last day of the month or year for which you’re making the adjustment.
Enter a transaction date in the Adjustment Date text box. (You must use a transaction date that sticks the adjustment transaction — which fixes the principal-interest split — into the right month or year.)
Record the adjustment.
When the Update Account Balance dialog box correctly describes the needed adjustment, click OK.