US Bank Home Equity Lines & Overdraft Line shows as Credit Card
inorlive
Member ✭✭
I set up my HELOC as debit, but when I link, the Account is moved from Debit to Credit Card. I believe this is due to the way that US Bank codes these accounts. I was told to post here so Quicken Super Agent would contact US Bank. Thanks
Quicken for Mac (Subscription)
Premier 2019
Version 5.110
MacOS 10.14.4
Loyal Quicken user since 1989
Premier 2019
Version 5.110
MacOS 10.14.4
Loyal Quicken user since 1989
“A man hears what he wants to hear and disregards the rest.”
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Actually, Quicken Mac intentionally treats HELOCs as credit cards. Here's a link to a post from 2017 by the Quicken Mac product manager in which he states: "HELOCs are not considered loans in Quicken. They are considered credit cards."
(By the way, I'm not sure what you mean by saying it should be a Debit. If it weren't a credit card, it would be a Liability -- it's money you owe to the bank. Debits and credits are accounting terms for money flowing into or out of accounts; "debit" is not a type of account.)Quicken Mac Subscription • Quicken user since 19935 -
@inorlive You're correct that there is a Debt section, but that doesn't include ALL debt. Your credit cards are debts, too, but they are separated out in Quicken because of the types of expense and payment transactions recorded in them. Quicken puts HELOCs in with credit cards because they basically behave the same as credit cards.
Editing to add: Debt is a liability, not an asset; they're opposite of each other. An asset is something you own; a liability is something you owe.Quicken Mac Subscription • Quicken user since 19935
Answers
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Screenshot below.
Whenever I link my HELOC the account is moved to Credit Card when it should be Debit.
Quicken for Mac (Subscription)
Premier 2019
Version 5.110
MacOS 10.14.4
Loyal Quicken user since 1989“A man hears what he wants to hear and disregards the rest.”Simon & Garfunkel (The Boxer)0 -
Quicken (Mac)
Premier 2019
Version 5.11.0
Build 511.25626.100
MacOS 10.14.4
Quicken for Mac (Subscription)
Premier 2019
Version 5.110
MacOS 10.14.4
Loyal Quicken user since 1989“A man hears what he wants to hear and disregards the rest.”Simon & Garfunkel (The Boxer)0 -
Actually, Quicken Mac intentionally treats HELOCs as credit cards. Here's a link to a post from 2017 by the Quicken Mac product manager in which he states: "HELOCs are not considered loans in Quicken. They are considered credit cards."
(By the way, I'm not sure what you mean by saying it should be a Debit. If it weren't a credit card, it would be a Liability -- it's money you owe to the bank. Debits and credits are accounting terms for money flowing into or out of accounts; "debit" is not a type of account.)Quicken Mac Subscription • Quicken user since 19935 -
Jacobs, Thanks for you thoughtful reply and the link to the Quicken Employee reply.
Im not certain I agree with their logic as they have an Asset category called Debt (see screenshot), which is where Quicken listed my Home Mortgage. I would have expected that the treatment/categorization of a HELOC would be the same as a Home Mortgage, but I never took and accounting class, so what do I know
Quicken for Mac (Subscription)
Premier 2019
Version 5.110
MacOS 10.14.4
Loyal Quicken user since 1989“A man hears what he wants to hear and disregards the rest.”Simon & Garfunkel (The Boxer)0 -
NO, you have Property (Art ... and Real Estate) and you have Debt (the WF Mortgage) ... but you were talking about "Debit" ... not Debt. BIG difference.But, HELOCs are treated like Credit cards in Q, because you can post transactions against them to either increase, or decrease, the balance amount owed ... unlike in your Mortgage acct.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
@inorlive You're correct that there is a Debt section, but that doesn't include ALL debt. Your credit cards are debts, too, but they are separated out in Quicken because of the types of expense and payment transactions recorded in them. Quicken puts HELOCs in with credit cards because they basically behave the same as credit cards.
Editing to add: Debt is a liability, not an asset; they're opposite of each other. An asset is something you own; a liability is something you owe.Quicken Mac Subscription • Quicken user since 19935
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