LOC

From: Martin Simunic


Hi all, just wondering what software you would use to keep track of a LOC mortgage, and how you would do it with quicken.

Thanks

Martin
 
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Reply: 1
From: E L


I wouldn't mind knowing this information too.

Sim....where are you????

EL
 
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Sim

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Reply: 1.1
From: Sim' Hampel


Where am I ? Travelling and working... so I don't have access to my Quicken right now.

Basically, I don't use the loan amortisation features of Quicken (too unreliable and doesn't really work with my loan structures)... I use a standard liability account to track balances and such.

I track a few P&I loans (with offset accounts) as well as a couple of IO LOCs all with their own liability account.

I have an asset account tracking the value of the property, which is linked to the primary liability account secured by that property (the linking thing is a Quicken 2002 feature). This is just so the pretty graphs look better.

I also use scheduled transactions to remind me and automatically enter interest charges. These are either fixed amounts, or estimates based on the last 3 transactions, and I use my internet banking to work out what the exact charge is before I enter it.

Remember I am using Quicken to track expenses as I am charged for them or income as I am paid it. For reccuring events I use scheduled transactions. I do not try and have Quicken to things for me automatically like track my mortgages.

Hope this helps.

Heck, by the time I've answered a few more of these types of questions, I will have enough material for a first draft of my book ! ;-)

sim.gif
 
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