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rhonda24
July 18, 2020
Question

Unable to link a mortgage loan account to my business. When I try to connect the account, the only two types are bank and credit card. This account is neither.

  • July 18, 2020
  • 3 replies
  • 0 views
When I see the account after connecting to my bank, the only two available account types to choose from in the drop down menu are Bank and Credit Card. This is a long term liability account I'm trying to set up.

3 replies

AlcaeusF
AlcaeusF
July 18, 2020

Thanks for visiting the Community, @rhonda24.

 

You may be trying to link your mortgage loan account on the Banking page, that's why you only have Bank and Credit Card in the drop-down. Since these are the only options to choose from, you can manually set up the liability account in the Chart of Accounts instead.

 

Here's how:

 

  1. In QuickBooks Online (QBO), go to the Accounting menu at the left pane to get to the Chart of Accounts.
  2. Tick the New button at the top right.
  3. In the Account Type drop-down, pick Long Term Liability.
  4. Enter the Detail Type and Name.
  5. Once done, hit Save and Close.   

 

For further guidance with the process, refer to this article: Add an account to your chart of accounts in QuickBooks Online.

 

Just in case, I'll add these articles for future reference:

 

 

Leave a comment below if you have any other questions or concerns. I'm always here to answer them. Take care and have a great day!

R
rhonda24Author
July 27, 2020

I know how to create an account in the chart of accounts, but I need to link the separate mortgage account in QBO. This is what I'm not able to do because I don't have the right account type in the drop down. If I try to use a new bank account, I get a message that says I already have one. 

    S
    Steve_C
    July 27, 2020

    Hi rhonda24. Only Bank and Credit accounts can be linked via direct feed. A long term liability account will have to be added and tracked manually using the steps that FritzF provided above. The best workaround would be to use the credit card since a credit card is also a liability, the accounting will remain the same in this account type. Let me know if you run into anything else, I'll be happy to help. Have a great day. 

      P
      proactivecary
      May 14, 2021

      I would also like to import mortgage activity from banks since I have 15 mortgages I follow for various businesses that I do bookkeeping for.  Being able to link them to get principal and interest that could update the JEs would be very helpful!

        Angelyn_T
        Angelyn_T
        May 14, 2021

        I appreciate you for joining the thread, @proactivecary.

         

        I'm here to share with you some additional information about importing bank transactions to QuickBooks Online.

         

        At this time, you can upload your bank activities or transactions to QuickBooks manually via an Excel CSV file. You can follow the suggested steps provided by JenoP above as your references. Or, check out these links:

         

         

        On the other hand, if you want to enter them through a journal entry, I would recommend seeking assistance from a professional accountant for further assistance. They are the ones who can help you with picking the correct accounts for your journal and record the mortgage activity correctly.

         

        Once your transactions are added to QuickBooks, you can review and categorize them. You can use this article as your guide: Categorize and match online bank transactions in QuickBooks Online.

         

        If you have any other questions about adding your banking transactions to QuickBooks, please let me know by adding a comment below. I'm more than happy to help. Have a good one!

        J
        jason_living
        August 8, 2021

        I had a loan account with our bank (in addition to a current account) and until recently this was linked to QB.  However, following the recnet instruction to disconnect and reconnect accounts I cannot now connect this account.  When I login to the bank to connect the account it doesn't appear in the list of available accounts.  No idea why this has changed.

          Rubielyn_J
          Rubielyn_J
          August 8, 2021

          I'm here to ensure you're able to reconnect your account in QuickBooks Online, @jason_living.

           

          There are possible reasons why the account doesn't appear on the lists. Here are a few of them: 

           

          • Your bank may have various names on our list. Search by the banking sign-in URL to assure you are using the correct listing.
          • Your financial institution does not connect to all types of accounts (for example, personal accounts vs. business accounts).
          • Your bank may not be a participating financial institution.

           

          To fix this, make sure the spelling is the same as it appears on your bank's website. Then try other versions of your financial institution that are listed:

           

          1. Select the Banking menu.
          2. Click Add account.
          3. Input the name of your financial institution and choose it from the list.
          4. Select the link to go to your bank's website to open a new window.
          5. Make sure you can access your account through this site. 
          6. If you can access everything, sign out of the financial institution's website.
          7. Go back and continue to add the account in QuickBooks Online.

           

          If you have tried all the options and your account still doesn’t appear. I suggest requesting support from your bank. For detailed steps, please review Step 3 in this article: Find your bank or credit card account when you connect to online banking.

           

          Once everything seems fine, you can reconnect your account in QuickBooks Online. Then, review and categorize them to avoid any duplicate transactions. 

           

          Keep me posted if you have any other questions about connecting your bank to QuickBooks Online. I'll make sure to get back to you as soon as I can. Have a great week ahead.

           

          A
          andibytyqi
          January 22, 2022

          To the QBO customer service, you all are saying the same thing but not addressing the actual issue.

          We are aware that we can upload via CSV, thats not the issue. 

          All that needs to be done is add one more line to the drop down list of Bank and Credit card under Account type. Add Mortgage and Line of Credit. Also, allow these accounts to be added as subaccounts on long term loans.

           

          To the community, we possibly could add these accounts as Credit Cards for now and just recategorize them as we categorize items. Sounds like a simple fix.

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