Credit account listed as Loan. How do I change it

karenscomets

I have a line of credit with a zero balance. Quicken lists it as a Loan with the available balance as my total balance. How can I change it to credit? I reset the account, deleted the account and re-added it, but it keeps showing up as Loan and there's no drop down to change it to credit. I have Quicken on Windows.

Tom Young

I assume that you have set this up as a "Loan Account" and have created the loan Account as a downloading loan?

If that's the case then that "total balance" is either coming from your initial setup of the loan where you entered the available balance as the "opening balance", or the downloading aspect is picking up some bogus information.

In Quicken a line of credit is typically treated as a "credit card" type of Account since a line of credit, mechanically, functions more like a credit card than a typical amortizing loan. I'd suggest trying to first add that Account as an "Offline Account" and selecting the "HELOC" option as the type of Account. That will put the Account into the into the credit card area under "Banking" in the Account Bar. Your opening balance in the Account should be $0.

I see no huge advantage of having a line of credit connected the the Financial Institution since, in the main, you control what goes on with that Account and I wouldn't expect the number of transactions in a line of credit in any given month would be voluminous. But having set up the Account as an offline account, you can connect it to the Financial Institution if you wish.

Tom Young

I assume that you have set this up as a "Loan Account" and have created the loan Account as a downloading loan?

If that's the case then that "total balance" is either coming from your initial setup of the loan where you entered the available balance as the "opening balance", or the downloading aspect is picking up some bogus information.

In Quicken a line of credit is typically treated as a "credit card" type of Account since a line of credit, mechanically, functions more like a credit card than a typical amortizing loan. I'd suggest trying to first add that Account as an "Offline Account" and selecting the "HELOC" option as the type of Account. That will put the Account into the into the credit card area under "Banking" in the Account Bar. Your opening balance in the Account should be $0.

I see no huge advantage of having a line of credit connected the the Financial Institution since, in the main, you control what goes on with that Account and I wouldn't expect the number of transactions in a line of credit in any given month would be voluminous. But having set up the Account as an offline account, you can connect it to the Financial Institution if you wish.

karenscomets

Thank you. I did the offline account. this is actually attached to my checking account. it's still not used often. but I like to have the transactions connected. My other LOC seems to process correctly as credit but the new isn't working as the other one.