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user73
August 26, 2024
Question

Line of credit Bank connection

  • August 26, 2024
  • 1 reply
  • 0 views

I recently tried connecting my line of credit but i only had option to connect as bank or credit card.

1 reply

R
RoseJillB
August 26, 2024

I appreciate you posting to the Community about connecting your line of credit (LOC) in QuickBooks Online (QBO), @user73.

 

Currently, QBO only supports bank and credit card accounts for online banking connections. Since LOC is a liability to your business, a direct connection to the application is unavailable. However, we can enter this as a credit card account, especially when frequently used to pay vendors. With that, you'll need to manually upload your bank entries through a CSV file. 

 

Other than that, we can manually track your liabilities and expenses by setting up a different account for the following. You can refer to this article for complete guidelines when creating the accounts, as well as the transactions you can enter to track LOC and what you pay back to your bank or creditor: Manage a line of credit in QuickBooks Online.

 

Alternatively, you can utilize a third-party application that allows you to connect your LOC to the application. You can look for one by visiting our QuickBooks App Store. 

 

I'm always around to help you if you need additional help with managing your line of credit or any QuickBooks-related concerns you may have. Stay safe!

U
user73Author
August 26, 2024

I can connect as bank its just not letting me classify it the way i want.

R
RoseJillB
August 26, 2024

Since you have already connected your line of credit as a bank account to QuickBooks Online (QBO), @user73, I can share with you how you can classify them in the application.

 

From that instance, you can categorise or classify them based on what's available in the application. Worry less. I'll elaborate on how this works.

 

When connecting your bank, QuickBooks will automatically download your transactions to the For Review tab and suggest categories based on how similar the transactions are to the category. If you prefer to assign a different one, we can review and change it by following the steps below:

 

  1. Go to the Transactions tab and select Bank Transactions.
  2. In the For Review section, tap each transaction you want to correct to expand.
  3. Choose a category under the Account section and enter additional details about the entry.
  4. After that, click Add to put them to the correct account.

 

Also, if the bank finds a match to what's already entered in QuickBooks, you'll have the option to match or view multiple matches for it.

 

Moreover, you can drill down the Choose the right category dropdown to view available categories for income and expenses. If you're unsure, you can scroll down to the Other categorisation actions section to see other options about categorising your transactions properly in this article: Categorise online bank transactions in QuickBooks Online.

 

If you have your preferred way of classifying them, can you share how you want it to do in the application? This way, we can help or guide you in managing your entries.

 

Furthermore, keep your records accurate by reconciling your account. That way, any possible discrepancies can easily be determined.

 

This thread is always open for your reply to be head of your banking concerns. The Community always has your back. Stay safe!

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