Category Issue

Question

I am running Q R47.11. Only recently when I run a Net Worth report my Home Equity Line (HELOC) is lumped in with my credit cards though I charactrorized it as a liability. How do I  move it to the proper place on the report?

NotACPA · Answer

A HELOC is treated in Q as if it were a credit card.  This is because of a HELOC's attribute of being able to take multiple draws and make varying payments ... which is more like a card than a traditional loan.

Scooterlam · Answer

Where was your HELOC reported previously?

Mine is located in the Liabilities>Credit Cards as well.  "Other liabilities" appears to be for installment loans, which a HELOC is not.  Perhaps the sub category called Credit Cards should be more broadly named Credit Lines or Revolving Credit to include credit cards and lines of credit such as HELOCS.