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vcventures1
April 18, 2020
Question

How to set up a credit line in Quickbooks Online and have it import transactions?

  • April 18, 2020
  • 2 replies
  • 0 views
I followed the instructions using Quickbooks' help article SET UP AND TRACK A LINE OF CREDIT. How do I then add my LOC from online banking so that I automatically imports transactions?

2 replies

V
vcventures1Author
April 18, 2020

After following the help article instructions to set up the principal and interest accounts, I went to the banking screen to begin importing my LOC transactions. I've attached a screenshot that shows my options.

 

The only account types available are BANK or CREDIT CARD. If I selected CREDIT CARD, the only option under Detail Type is CREDIT CARD. If I select BANK, you can see the options available in the attached screenshot, CASH ON HAND, CHECKING, MONEY MARKET, RENTS HELD IN TRUST, SAVINGS, and TRUST ACCOUNT.

 

None of these seem correct for a LOC. Does this mean that I should be manually adding LOC principal and interest payments?

R
ReyJohn_D
April 18, 2020

Hello there, @vcventures1.

 

I'd be glad to guide you on how to connect to online banking so you can add your line of credit. Here's how:

 

  1. Go to the Banking menu then choose Add Account.
  2. Choose the bank account you use and select what kind of accounts they are. Note: Make sure to use the same login credentials for when you visit your bank online.
  3. Once the secure link is established, you will see all of your available accounts listed.
  4. Please note that not all type of accounts is supported by online banking. Hence, you'll need to double-check what are the accepted accounts in QBO by searching for the account or entering the URL of the bank/credit in the Search bar when adding a bank. This way, you can set-up your online banking successfully. If not supported, you can manually upload transactions in QBO: Web connect in QBO.
  5.  Select the appropriate type to pull up the last 90 days of transactions.

After that, you can now do the import process for these transactions in QBO.

You may also check this article to learn more about online banking: QBO Online Banking.

 

Moreover, you may also read this awesome help article to aid you if you've got other QuickBooks concerns, such as setting up payments, third-party apps integration, track income, and expenses, etc to keep your business running smoothly.

 

Please know that I'm here if you need any help. Have a great day!

V
vcventures1Author
April 18, 2020

It looks as if my second post with elaboration did not post as I thought it did. What I failed to include in the original post was the attached screenshot. What Account and Detail Type should be selected? None of them explicitly state LOC. 

 

Account Type option CREDIT CARD further offers CREDIT CARD as a Detail Type. Account Type option BANK further offers CASH ON HAND, CHECKING, MONEY MARKET, RENTS HELD IN TRUST, SAVINGS, and TRUST ACCOUNT as Detail Type.

G
GlinetteC
April 18, 2020

Thanks for getting back to us, vcventures1.

 

I can explain this further to help you with setting up and tracking your Line of Credit in Quickbooks Online. In Quickbooks, Line of Credit is a liability account. so we'll need to create a new Line of Credit account in the Chart of Accounts. I'll show you how:

 

  1. From the Accounting tab, select Chart of Accounts.
  2. In the Account type, select Credit Card as well as the Detail Type. 
  3. In the Name field, enter Line of Credit.
  4. Click Save and close.

Setting up your Line of Credit account as a Credit Card allows you to make purchases using it. It also allows you to add your transactions is QuickBooks to match them.

 

I've attached some articles you can visit on about how to record a payment manually and match bank transactions:

Please tag me directly if you have any other concerns.

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