Broken Loan Series?

My house loan payment some times gets out of sync with the bill payment 
series.  (I think Money occasionally misses the match after downloading my 
bank statements, and I don't catch it.)

When this happens, I need to delete a payment in the Bills & Deposits list, 
since it shows past due.

Occasionally (twice now) when I do this the loan changes from a Category of 
Loan Payment (tied to my loan) in to a Paycheck!

If I edit the bill series, the splits don't add up to the total (they sum 
the wrong way, so the Unassigned is twice the loan payment).  No matter what 
I do at this page I can not get the splits to add up, and I can't delete the 
existing Principal or Interest lines to replace them with new Principal and 
Interest lines.

If I go to Setup Accounts and edit the loan that way, no matter what changes 
I make to the loan the bill payment series doesn't get fixed.

The last time this happened I had to close the account, open a new loan, and 
get the dates right so the numbers calculate to the correct values.

This is the second time this has happened and I don't want to go through 
that again... But if it's happened twice it will likely happen again.  Any 
advice on how to set this up so it works correctly?

I'm using Microsoft Money 2004.

Thanks!

0
MikeSh (2)
11/1/2005 4:39:02 AM
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I'm not sure what you mean by the loan payment (loan parameters?) being "out 
of sync" with the bill payment series, but if you are thinking of what I'm 
thinking of--the loan wizard saying the loan parameters do not match the 
current balance because of, say, accelerated principal payments--this is a 
non-problem. You suggest this might be a problem with non-match of a 
downloaded payment. That's a problem since you have to get the principal 
transfers to the Loan Account correct. Speaking as someone who doesn't 
download data, I can tell you that it is impossible to screw this up in this 
way if you just do transaction entry by hand.

As to scheduled items morphing to Paycheck, this has long been a 
"Feature"--and one of the most annoying ones--of M03+. See 
http://umpmfaq.info/faqdb.php?q=106. The secret here is to Cancel 
immediately and, if that doesn't work, delete the bill series and re-create 
it. You shouldn't have to touch the loan account. The only thing that 
couples the loan account to the scheduled payment is the wizard for defining 
the loan account. You can create the loan payment series all by yourself.

"MikeSh" <MikeSh@discussions.microsoft.com> wrote in message 
news:C7C83B4A-2688-4D68-8975-A11E03AC4209@microsoft.com...
> My house loan payment some times gets out of sync with the bill payment
> series.  (I think Money occasionally misses the match after downloading my
> bank statements, and I don't catch it.)
>
> When this happens, I need to delete a payment in the Bills & Deposits 
> list,
> since it shows past due.
>
> Occasionally (twice now) when I do this the loan changes from a Category 
> of
> Loan Payment (tied to my loan) in to a Paycheck!
>
> If I edit the bill series, the splits don't add up to the total (they sum
> the wrong way, so the Unassigned is twice the loan payment).  No matter 
> what
> I do at this page I can not get the splits to add up, and I can't delete 
> the
> existing Principal or Interest lines to replace them with new Principal 
> and
> Interest lines.
>
> If I go to Setup Accounts and edit the loan that way, no matter what 
> changes
> I make to the loan the bill payment series doesn't get fixed.
>
> The last time this happened I had to close the account, open a new loan, 
> and
> get the dates right so the numbers calculate to the correct values.
>
> This is the second time this has happened and I don't want to go through
> that again... But if it's happened twice it will likely happen again.  Any
> advice on how to set this up so it works correctly?
>
> I'm using Microsoft Money 2004. 


0
11/1/2005 1:34:09 PM
> As to scheduled items morphing to Paycheck, this has long been a 
> "Feature"--and one of the most annoying ones--of M03+. See 
> http://umpmfaq.info/faqdb.php?q=106. The secret here is to Cancel 
> immediately and, if that doesn't work, delete the bill series and re-create 
> it. You shouldn't have to touch the loan account. The only thing that 
> couples the loan account to the scheduled payment is the wizard for defining 
> the loan account. You can create the loan payment series all by yourself.

This is exactly the problem I am running in to.  Deleting and re-creating 
the series by hand worked.  (Once I figured out how to create the series 
correctly...)

Thanks!
0
MikeSh (2)
11/3/2005 5:36:01 AM
A good way to avoid the "mismatch" of the mortgage payment after it is 
downloaded, is to make sure it is already in the register prior to 
downloading from your bank.  This assures that the payment number, the P & I 
is always correct, as this information is calculated and entered from your 
initial set-up.

In the loan set up/edit screen, I check the box to "enter this transaction 
automatically" in my register a few days before it is debited from my account 
(set up as automatic debit).  So, each month, the transaction is downloaded 
from my bank, and money matches it to the transaction it already placed in my 
register 3 days earlier.  This keeps the payment sequence (i.e. paymnt 1, 2, 
3 and so on) in the sequence, and the P and I amounts are correct.  Hope this 
helps.

"MikeSh" wrote:

> > As to scheduled items morphing to Paycheck, this has long been a 
> > "Feature"--and one of the most annoying ones--of M03+. See 
> > http://umpmfaq.info/faqdb.php?q=106. The secret here is to Cancel 
> > immediately and, if that doesn't work, delete the bill series and re-create 
> > it. You shouldn't have to touch the loan account. The only thing that 
> > couples the loan account to the scheduled payment is the wizard for defining 
> > the loan account. You can create the loan payment series all by yourself.
> 
> This is exactly the problem I am running in to.  Deleting and re-creating 
> the series by hand worked.  (Once I figured out how to create the series 
> correctly...)
> 
> Thanks!
0
BDC (14)
11/13/2005 4:07:01 AM
Reply:

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