How do I set a loan account with a bank so that I can link, connect and download transactions when I update bank transactions?

I changed the account type to "Long Term Liablility" and the detail to "Notes Payable" as you suggested. However, when I go to Bank Transactions, and then Manage Connections, I then select my bank, and then "Enable this Account", it takes me to a Connect Account Screen.  On this screen, I click on the account, and then in Enter Account type drop down menu, I do not get my loan account as a choice.

Welcome back to the thread, mcquistonconstru.

I appreciate you for performing some steps to achieve your goal. Let me provide clarification about setting up a loan account in QuickBooks and ensure you can accomplish what you need in different ways.

The steps provided by my colleague above don't refer to updating account details. Instead, manually set up a Liability account within the Chart of accounts since linking the Loan account directly to QuickBooks is currently unavailable. This is the reason you're unable to get the said account as a choice on your end.

I recommend following my peer's recommendation on manually creating a liability account to track loan transactions and their repayments. This account tracks what you owe. You can also refer to this article for additional guidelines: Set up a loan in QuickBooks Online.

In case you need steps on how to locate entries within your account registers so you can review them in QBO, you can read this article: Find, review, and edit transactions in account registers in QuickBooks Online.

Please know that you can always drop by here if you need any further help with your bank account. I'll be happy to assist you further, mcquistonconstru. Take care.

If you need further assistance or any clarifications about handling loan transactions in QBO, please add them below. I'm always here to provide extra information. Have a great day, mcquistonconstru.

I didn't set up a new account, because the account is and has been active.  I was trying to get the bank transactions to load automatically for entry.

I don't understand why this would not be supported.  Is it not the same as a credit card account?  It seems like a weakness in Quickbooks Online Functionality.

It is not desirable to have to manually enter every transaction, when they could be downloaded from the bank.

Hello there, mcquistonconstru.

I understand your frustration with the inability to automatically load bank transactions into your active account in QuickBooks Online (QBO).

QuickBooks Online banking functionality only supports the connection of bank and credit card accounts. Unfortunately, it does not allow for the direct connection of liability accounts.

You may want to record it manually by following the steps below.

To create a liability account:

1. Go to the Transactions menu and Chart of Accounts.
2. Click New.
3. From the Account Type drop-down arrow, choose Long Term Liabilities.
4. Tap the Detail Type drop-down arrow, then select Notes Payable.
5. Enter the name and description.
6. Choose When you want to start tracking your finances from this account in QuickBooks?
7. Hit Save and Close.

After that, record the money you got from the loan. You can follow the procedures in this article under Step 2: Set up a loan.

After adding your transactions, you can review and categorize them.

Let me know if you have other questions about the loan account in QuickBooks. I'm always here to help. Take care.

This is a pretty big negative that Quickbooks cannot track long term liability accounts especially for banks you already have a relationship with.  I have an auto loan with Chase Bank, and I set it up as a bank account and it syncs.

Manual entry defeats the whole practice of today's online banking world and having to divide principle vs. interest and updated current balance for liability trackiing.

The question begs, when will Intuit correct this obvious deficiency?