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jak-naturaldesig
Level 1

Connecting Line of Credit

I recently got an operating line of credit for my business and I'd like to connect it through the bank connection with Quickbooks so I have an automatically updated view of the transfers to and from. But when you go to connect through the bank, it only gives you the option to link as a bank account or credit card. Would it be alright to connect my LOC and link it as a credit card? Thanks!

3 Comments 3
KlentB
Moderator

Connecting Line of Credit

Hi there, jak-naturaldesig.

 

Let me share some information about how bank feeds works.


Currently, the online banking feature in QBO only supports bank and credit cards. For line of credit, you may add it as a credit card account. However, you'll need to manually import the transaction into the program. Feel free to browse this articles to learn how to do it: Manually upload transactions into QuickBooks Online.


Alternatively, you'll want to visit our QuickBooks App Market to find a third-party application that can connect your LOC account into the program. You may also go to the Apps menu within your QuickBooks account to search for an app:

 

  1. Select Apps from the sidebar menu.
  2. Head to the Find Apps tab.
  3. Enter a keyword in the search field or click Browse category to filter the results.

Lastly, here's an article that will help you review the downloaded bank and credit card transactions and put them in the correct accounts: Categorize and match online bank transactions in QuickBooks Online.


I'm still here if you have questions regarding this matter. Just add a reply below and I'll take care of it.

jak-naturaldesig
Level 1

Connecting Line of Credit

Hi Klent, thanks for your reply! 

 

Do you mind clarifying why I can connect it as a credit card yet I still have to upload the transactions manually? 

 

I did go ahead and connect it however none of my transactions have shown up.

 

Thank you!

DivinaMercy_N
Moderator

Connecting Line of Credit

Hello there, @jak-naturaldesig. I'm glad to share with you some information about connecting the line of credit in QuickBooks Online (QBO).

 

I appreciate you getting back here to clarify things to make sure you enter everything correctly. 

 

LOC is a liability to your business and it's easier to enter it as a credit card account if it is used frequently to pay vendors. Connecting a liability to your bank is unavailable in QBO. You can only use the banking features of the program for credit cards and bank accounts. That said, you'll have to manually upload the transaction. For the detailed guide in managing LOC, please visit this article: Set up and track a line of credit in QuickBooks Online. It includes the latest update on how you can set it up correctly. 

 

Additionally, if you have connected bank accounts to bank feeds, the program will download the latest available transactions around 10 PM PT. However, it still depends on the financial institution. Also, the system will only allow downloading of entries within 90 days. 

 

I'd love to hear updates about this. I'd appreciate any details that you can add. If you have any other concerns about managing your LOC, feel free to get back in this thread. I'm always ready to lend a hand. Keep safe and take care.