How to properly add a HELOC account to QW

John Nastasi

I'm trying to work with the HELOC account features of quicken. After I add the account (I do not believe I can link to an existing register) with download capability, the HELOC account updates when first Activated for download, and then never updates again. I've read somewhere that HELOC accounts, once set to download cannot be Deactivated/re-activated or reset. but for some reason, the HELOC account only updates once and then never updates again causing me to Deactivate and setting up a new HELOC account.

Is there documentation on the proper way to set up a HELOC account? BTW, with the same institution I have Checking/savings accounts. Does resetting any of the Non HELOC accounts cause the HELOC account to stop updating?

Thanks for the help.

NotACPA

More info needed in order to assist you.

What Q product, and what BUILD of that product are you running?  Do HELP, About Quicken for this info.

When you do TOOLS, Account list, and click on EDIT adjacent to the HELOC account name, what displays as the "Account Type"?  In that same dialog, what displays as the "Financial Institution"?

And you CAN activate an existing account for download.  Do TOOLS, Account List, click
Edit and then click "Online Services" in the Account Details dialog.

John Nastasi

QW R31.20 Build 27.1.31.20, Account type is Loan, I have already Activated the HELOC account.

NotACPA

A HELOC should properly be set up as a CREDIT type account, not a Loan type.

This is because with a HELOC, unlike a traditional loan, you can take additional draws and my payments of varying amounts ... more like a credit card than a traditional loan.

Also, a Loan account set for download will ONLY download the  principal amount paid on the loan (no interest downloads or Escrow downloads)

What is the FI name, as shown in that Account Dialog, so that I can see what types of download they permit.

John Nastasi

Premier Members Credit Union

NotACPA

OK, here's the entry in FIDIR.TXT (which records all of the Participating Financial Institutions) for your CU

Premier Members Credit Union    https://www.pmcu.org/    303-442-8850    https://myaccounts.pmcu.org/Authentication    ACTIVE         BANKING,CREDIT&WEB-CONNECT         BANKING,CREDIT,ACCOUNTINFO&EXP-WEB-CONNECT

So, your HELOC should be downloading ... when set up as a HELOC.

Are you getting any error messages, or codes, when you try that 2nd download into the account?

John Nastasi

No Messages, I made payment from the 20, 22, and 23 of Feb. The online bank balance is correct but QW dfoes not reflect the payments in the balance.

NotACPA

HOW did you record those payments in Q?  Because for a LOAN type account that's downloading ... you can't  post transactions to the account.  ONLY the downloaded principal only payments can be posted.

You can post, in Q payments to a HELOC type account that's downloading ... but not to an account that's setup in Q as a LOAN that's downloading.

Can you show us a graphic of the SPLITs in the transaction that's one of those payments?

John Nastasi

Sorry if I misstated. I did an EFT transfer directly from my checking account into my HELOC (outside of quicken) The transaction shoed up in my checking account but the balance of my HELOC in QW did not get updated.

NotACPA

John Nastasi said:

but the balance of my HELOC in QW did not get updated.

Because, as I previously stated, you can't yourself post a transaction into a download enabled loan type account in Q.  HELOC types YES, Loan types NO.

So how, in Q, did you record this transaction?  Can you post a graphic of the splits (if any) in that Q transaction?

And, then we need to figure out why the principal portion of that EFT didn't download.

John Nastasi

ok, I went to the bank web site and did a transfer (on the bank website) from my checking account into my HELOC account. The checking account transaction shows up in my QW checking register the next day, the HELOC loan balance did not change. I did that on Feb 20, 22, 23 three Web transfers.

frank8

Along the HELOC line here, I set up a HELOC account in Quicken. The opening balance is $500, with a $150.00 set up fee and the remaining $350 transferred to another account, So, how do I categorize the $150 and $350 and keep the account balance at $500? Clear as mud?