Setting up a HELOC as a revolving credit with checks

Chris2

Hi,

What is the best way to set up a HELOC in quicken as a revolving credit line where you write checks?

Rocket J Squirrel

It sounds like the account creation process is deciding for you that it should be a loan. If that's the case, you might have better luck first creating the account as an offline HELOC and then setting it up for online services after the account has been created.

NotACPA

A bit more info needed to help you.

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

What bank issued this HELOC?

Chris2

I am using Quicken Premier R31.20 Build 27.1.31.20 and am setting up a HELOC with Northrop Grumman Federal Credit Union.

NotACPA

OK, you're on the current release, and Northrop Grumman FCU is al "Participating Financial Institution" with Q. 

Northrop Grumman FCU    http://www.norgrumfcu.org    1-800-676-3328    https://themax.ngfcu.us/Login/login.aspx    ACTIVE         BANKING,CREDIT&WEB-CONNECT         BANKING,CREDIT,ACCOUNTINFO&EXP-WEB-CONNECT

Why doesn't the normal TOOLS, Account List, Add Account and choosing Northrop Grumann work for you?  I don't have an account with them, but using that procedure I was able to get to the Sign-in screen.

Chris2

I added the account with the normal tools. It identifies it and adds it in, but. It's like a standard loan with a negative balance that is payed off. I use it as a revolveing credit line to pay contractors for home improvements. I write checks, which increases the balance. I don't see how I can identify a check with the way it's implemented. Maybe I should call it a credit card? That might work better?

Thanks,
Chris

Rocket J Squirrel

A HELOC is indistinguishable from a credit card in Quicken. If you go through the process of creating an offline HELOC, you wind up with a credit card account. One thing you'll be missing is the Check # column in the register. You'll have to use Reference # instead. But you can still write and even print checks from that account.

Chris2

That sounds like what I would like! What I see is a veriable loan under property & debt that looks like every other loan. Just like a mortgage or a car loan. There is no register for entering transactions. Might I have something wrong?

Rocket J Squirrel

It sounds like the account creation process is deciding for you that it should be a loan. If that's the case, you might have better luck first creating the account as an offline HELOC and then setting it up for online services after the account has been created.

Chris2

Thanks! That worked. I was able to get an account functionality that works. I was not able to link it to the NGFCU account. When trying to set up online services, it found the HELOC, but wouldn't connect it to the one I made. I saw that there is a HELOC selection for account type, but that just made a regular loan account. It's OK. I don't expect a lot of transactions and can work with it manually.