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

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?

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!

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.

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:

• Record a payment to your line of credit
• Categorize and match online bank transactions in QuickBooks Online

Please tag me directly if you have any other concerns.

we use a revolving charge account (LOC) with Home Depot. When an invoice goes past 60 days, that particular invoice incurrs interest. But the interest is not on the whole balance of the account like a credit card would be. If I categorize the account like you suggested as a credit card not a Line of Credit, how would I then reflect that the interest was incurred on a specific invoice? 

Hello there, @Kmartinez985. Welcome to the Community.

I'm here to ensure you're able to reflect an incurred interest in QuickBooks Online (QBO). This way, you can keep your financial data accurate.

Interest is considered a different entry or line item when posting one on your transactions. When you earned interest, you can record it using the Bank Deposit feature. But before doing so, you'll first have to create a new interest account. Here's how:

1. Go to the Accounting menu.
2. Select Chart of Accounts.
3. Click New.
4. Under the Account Type field, select Other Income.
5. Under the Detail Type field, select Interest Earned.
6. Input any name which is applicable and all other details needed.
7. Click Save and Close.

Once done, you're now set to record a Bank Deposit transaction. Here's how:

1. Go to the + New button.
2. Select Bank deposit.
3. Under Add funds to this deposit, select the customer’s name who paid the interest. Then, select the interest account you just created.
4. Enter a description, payment method, and amount, then select Save and new.

You'll also notice that the deposit has been recorded under Bank Accounts on the Dashboard.

After that, I'd recommend pulling up the Deposit Detail report. This way you can effectively monitor that the interest is recorded accordingly. Just go to the Sales and customers section from the Reports menu's Standard tab.

Also, here's an article that provides further details about LOC in QBO: Track a line of credit. It includes topics about transferring credit funds, interest charges, and making payment to your LOC, to name a few.

Let me know in the comments below if you have other concerns about managing interest on invoices in QBO. I'm just around to help. Take care always.