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Join nowI'm trying to import my rental property mortgage account, so I need to set it to Long Term Liabilities. For some reason, you can only set up connected accounts as bank and credit card, which doesn't make sense. I can't convert it to LTL after setup as either bank or credit card, something about transactions already being tied to the account as cash or credit types, I don't know. It doesn't make sense because I literally just connected the account.
I don't want to do this as I want to have QB linked and automatically sorting tax, insurance and interest. That article is more of a manual expense account, where you base it off written checks it seems, whereas mine is tied to a checking account and has autopay rent set up. Tax and insurance are separate and defined transactions, the only thing not reflected is the interest paid (besides PMI), so I was planning on either plugging that number in as a year end expense, or use the Reconcile feature and plug in the missing amount as an interest paid expense.
Hi there, @aty.
Welcome to the Community. Let me share some clarification about importing the mortgage account in QuickBooks Online.
Currently, the bank feeds feature only supports bank and credit card accounts. The ability to convert it to Long Term Liability is unavailable.
The only way to handle mortgage in the system is by setting up the account manually in the Chart of Accounts. To create one, here's how:
Also, you can try downloading transactions tied to the checking account from your bank's website. This way, you'll be able to upload the data directly to the Long Term Liability account.
Please follow these steps:
For more information, as well as how to track what you owe and how to enter payments, I recommend the following article: Set up a loan in QuickBooks Online.
Please let me know if you need anything else. The Community and I will be here to help you.
I'll try to upload monthly statements like that, I was just hoping for an automatic method.
I guess the bigger question is, why are there no loan type bank account setups for connected accounts? I have a business auto loan for my box truck, a line of credit, and the mortgage. Just seems if there's a credit card option, it would be easy to implement other common liabilities.I'll try to upload monthly statements like that, I was just hoping for an automatic method.
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