Bank of America HELOC treated as loan

Quicken Deluxe R39.23 Build 27.1.39.23 Windows 10 Home

I manually added a HELOC account to Quicken, and the Account Intent displays as Credit. When trying to link the account to the actual Bank of America account, the only account type options are:
- Mortgage
- Loan
- Auto Loan
- Consumer Loan
- Commercial Loan
- Student Loan
- Military Loan
- Business Loan
- Construction Loan
- Home Equity Loan

Selecting any of these does not give me the option under 'Action' to link to my existing HELOC account. How can I link the two? If I add a new account, the account then shows up as a loan under 'Property & Debt' and does not allow me to change it to a Credit type account.

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Are those the options on the BofA website?  Because I don't recognize several of them as being in Q.
    If BofA, I'd use "Home Equity Loan".
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • chaygo
    chaygo Member
    Those are the Quicken options when trying to add a connected account. I can select Home Equity Loan, but Quicken does not give me the option of then linking to my manually created HELOC account.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    The easiest way around this issue might be to create an offline (manual) credit card account. Keep it offline and manually (or with scheduled reminders) record any interest charges and any funds transferred in and out of your HELOC account
  • chaygo
    chaygo Member
    That's what I'm currently doing, but that's only a workaround. It defeats the purpose of using Quicken to automatically track.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    It's unlikely any of us here on the forum can attempt to reproduce your issue. Your best bet may be to contact Quicken Support and let them share your screen while you attempt to connect the account.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    I just attempted to create a Test HELOC account in my file as an Offline account.  It was created as a CREDIT type account in the Account Dialog (shown)

    And in the Account Intent (shown)

    SO, how did you create this HELOC account and where in Q are those you only options?

    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • chaygo
    chaygo Member
    As I said, I was able to do the same when manually creating an offline account.

    The issue is when trying to connect my BoA account:
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Try switching the "Add to Quicken" to "Link to Existing Account" first ... and see what options you then have.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • chaygo
    chaygo Member
    "Selecting any of these does not give me the option under 'Action' to link to my existing HELOC account."

    There is no option to link.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    That would indicate that the HELOC isn't in your Q data file ... which contradicts your initial statement. That's why there's no LINK option but there IS an ADD option.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • chaygo
    chaygo Member
    The account is definitely there. It was my first step:

    The issue is that Quicken won't let me link a Credit account to a loan account.
  • jabm1973
    jabm1973 Member ✭✭
    Quicken has made some unfavorable changes lately (past year or so) with regards to loans and HELOCs and I am not happy - Quicken does not calculate interest exactly as the banks do and I've had to make adjustments in the registers - Loans now (at least for my Granite State Credit Union Auto Loan) don't have viewable registers. I also have a DCU HELOC and Fixed-Rate Loan based on the HELOC that I need to go in and add the interest into for DCU -- DCU doesn't break down Fixed Rate Loan payments into Principal and Interest, but adds another transaction for the interest and I need to be able to add this -- Worked fine until March when DCU made their changes and I had to reset in Quicken. Now I cannot link my HELOC nor the Fixed Rate Loan to the existing registers. - For now just manually keeping track, but unable to properly download transactions and reconcile. Worked fine for DCU until March 2022! And its always been setup in Quicken as a Liability vs Credit. - BTW - I've been a Quicken User since 1995 (Quicken 4, I think)
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