HELOC with the "Account Intent" as a "Liability", but grouped with Credit Cards in NW report

toph36
toph36 Quicken Windows Subscription Member
edited 8:18AM in Errors and Troubleshooting (Windows)

I emailed this to support as a possible bug.

In the desktop application, I setup a HELOC with the "Account Intent" as a "Liability", and it is showing properly under the "Property & Debt" in the Accounts Bar. However, in the Net Worth report, the report is grouping the account with the "Credit Cards" when it should be with "Other Liabilities". I also see on "app.quicken.com" it is grouping the account under "Credit" when it should be under "Debt". Is this a bug in the system that can be corrected? I was considering recreating the account, moving over all the transactions to the new account, and deleting the old account to see if that fixes the issue. Anyone else have a similar issue?

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Answers

  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I believe setting up a HELOC loan has always resulted in the loan being placed in the credit card group. The rationale is that a HELOC functions much more closely to how a credit card functions than a traditional loan; you can make multiple "charges" (draws) with a HELOC, like on a credit card, and typically have some sort of monthly payment required via a statement.

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