Line of Credit Accounts
When creating accounts of Credit/Loans there isn't an option to select revolving credit loans that have no credit cards and when setting up online downloads it sets these accounts up as fixed loans
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Line of Credit accounts are created with "Credit Card" type just because it works the same way a credit card account would. So, instead of creating a whole new type they just reused the credit card type. It doesn't imply that there is a "credit card".
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Unfortunately that is not an option when you are setting up online services. You have a choice of Mortgage, Loan, Auto Loan, Consumer Loan, Commercial Loan, Student Loan, Military Loan, Business Loan Construction Loan, and Home Equity Loan
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Then I suggest you use an offline account. I have never had such an account so I can only go by what people have posted here. It is clear that some people have set them up and then end up as a "credit card" type. It is also clear that lots of times they have various problems with them, and most likely they would be better off without having it as a connected online account.
What's more it is very possible that your financial institution just doesn't support an online connection for that account to Quicken.
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And that totally negates setting up online services for these types of accounts in Quicken, which is the whole point of this.
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And I already have them setup as credit card accounts in Quicken I just have to add everything manually
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OK, I get that you are suggesting this as an option, but what I was trying to say is as far as I know it already is an option. But it also an option that is dependent on what the financial institution provides and has been shown to have problems for some people just like all the connected loans have too. If I'm correct that it is already an option, then nothing is going to change. Hopefully if I'm wrong someone that knows for sure will correct that assumption, but you can just search this forum for LOC and Line of credit and see that has been mentioned quite a few times.
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No, Credit Cards are a work around, not an option. The financial institution consider them Lines of credit not credit cards or fixed loans. Quicken however doesn't give the option of setting them up like they should be setup, as a Line of Credit Loan.
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What is different between the register of a credit card and then one for a line of credit loan?
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Or when it asks for the type of account when setting up Online Services they could of just added the choice in the pull down list as "credit" which should fix the problem of setting up the services because it would then know what type of account it is
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They should be exactly the same, but the problem is you don't have a choice to select credit from the menu and you can only select types of loans. They also got rid of the register on loan accounts and only have graphs and charts, displaying when the account will be payed off.
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They also got rid of the register on loan accounts and only have graphs and charts, displaying when the account will be payed off.
That is a decision they made long ago for connected "loan" accounts for Quicken Windows, and not likely to be changed anytime soon.
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Yeah, I figured that out. I don't like it but I can live with it, since all I really have is payments to those types of accounts.
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What lender holds this account? Do they even offer download for LOC accounts?
And, when I had a HELOC, it was setup as a credit card and there was no problem with downloading into it.
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I forgot to mention something, the removal of the register was only for "loans"/periodic, the loans that aren't periodic like HELOCs and auto loans are created as credit card accounts and have the register, but none of the "pay off" charting and such as I understand it because these kinds of accounts (at atleast LOCs can increase the loan at any time).
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Yes, they offer download of those accounts, and after thinking about it, on the 2 accounts that were working, stopped downloading about the same time Quicken changed the way they support loans, and now when you setup downloads for those accounts, Quicken tries to set them up like a loan instead of a revolving credit line like a credit card. Does the account download yes, but once the amount owed equals $0.00 it no longer shows anything except a check mark stating this loan has been paid off even when there is still money owed.
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I will try to see if I can create it as a car loan/HELOC and see what happens. Thanks
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Thanks for the suggestion, That worked
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Thanks for letting me know, I'm glad it worked for you.
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I would really like to be able to choose Line of Credit or HELOC as an account type so that it functions properly. It didn't occur to me to set it up as a credit card because it is more like a mortgage (HELOC). I can transfer money in and out and write checks against it. I discovered that my checks don't show up (no transactions show up - there is no register) so I could not categorize my checks. it also doesn't show the interest on the account so I don't know what I am being charged. Also the rate is variable based on market, so putting in a fixed rate doesn't work very well. I found a work around by disconnecting it from my bank and then the register showed up with a bunch of balance adjustments. It should be set up as a liability against an asset because it decreases the equity I have in my house.
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