I'm getting started in Money 2004. I imported my Quicken
2003 data file into Money without any errors. Afterward,
I checked the amortization schedule for my loan in Money,
and I noticed that it was different than in Quicken.
After some investigation using Excel, I've deduced that
Money is calculating the interest and principal breakdown
for each payment based on the *actual number of days*
between payment due dates. However, my lender uses
the "30/12" method for calculating payments, meaning
payments are based on 12 payments per year with 30 days
in each month. (This is how Quicken calculates the
payments, too.)
The "30/12" method is very standard for home mortgages,
so I'm sure there is some way to configure Money to
calculate the payments and amortization schedule using
this methodology. Unfortunately, I can't seem to figure
out how. Is anyone familiar with how to do this?
Thanks for the help.