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bfcozine1
December 18, 2019
Question

How do I get my line of credit to link with bank feeds?

  • December 18, 2019
  • 1 reply
  • 0 views
with QB online.

    1 reply

    R
    RCV
    December 18, 2019

    I can guide you on how to link the line of credit with Bank Feeds, bfcozine1.

     

    First, let's make sure we set up and track the line of credit in QuickBooks Online (QBO).

    Then, connect the bank and credit card accounts (with the line of credit) to your Online account.

     

    If you can’t find your bank on the list but still want to add the transactions, you can manually upload bank transactions from a CSV file.

     

    Once done, pay the bank back with a debit or credit card. Just categorize the expense that comes into your bank feed.

     

    For more details about recording LOC's payment, you can check out this article: Record a payment to your line of credit.

     

    Feel free to go back to this post if you need anything else with tracking your line of credit. I'm here to help.

    R
    rgstg
    July 21, 2020

    This post is not helpful as written, as it skips over proper classification for a line of credit, and the "solution" as written doesn't allow someone to properly record line of credit transactions.  

     

    Lines of credit are Other Current Liabilities.  

    They are not bank accounts, nor are they credit cards.

     

    The key issue at hand is that QBO, as of the writing of this reply, appears to not permit a user to link a bank feed of a non-credit card current liability account to QBO.  I hope I am wrong, but I cannot find a way to do so. 

     

    I have our line of credit accounts manually added to QBO, but I cannot find a way to link the bank feeds for either of the accounts.  

     

    How can a line of credit bank feed be linked to QBO?

      Kristine Mae
      Kristine Mae
      July 21, 2020

      Let me share how it works, Rgstg.

       

      Your observation is right. You're unable to link it. You can only transfer the transaction. Here's how:

      1. Click Banking.
      2. Go to the Banking tab.
      3. Select the transaction, then click Record transfer.
      4. Select the transfer account, then click Record transfer. 

      I'll include the reference on how to categorize and match online bank transactions to better guide you.

       

      If you have further questions, click the Reply button below. We're just a comment away.

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