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How do I set a loan account with a bank so that I can link, connect and download transactions when I update bank transactions?

Forum|Forum|2 years ago
January 18, 2024
1 reply
63 views

The account type is "Other Current Liabilities", as a "Loan Payable".
When I try to turn on the connection with the other bank accounts, it does not come up as one of the QB Online accounts that I can enable a link to.

QuickBooks Online

Best answer by MAnneJ

Hello there, @mcquistonconstru.

I understand the importance of setting up a loan account linked to the bank, however, this feature isn't supported in QuickBooks Online (QBO). What we can do is set up a liability account and track the loan repayment.

Here's how:

Click the Gear ⚙ icon , then select Chart of accounts.
Select New to create an account.
From the Account Type ▼, select Long-Term Liabilities.
From the Detail Type▼, select Notes Payable.
Give your account a relevant name.
Choose when you want to start tracking your finances.
In the Balance field, enter the amount in the account, and determine the as of date.
Enter today's date if you want to start tracking immediately.
Select Save and Close.

Also, you may refer to this article to help you review downloaded banks and credit card transactions: Categorize online bank transactions in QuickBooks Online.

Feel free to go back to this thread for other banking and any QBO-related concerns. I'll be here to assist. Keep safe.

M

MAnneJAnswer

Hello there, @mcquistonconstru.

I understand the importance of setting up a loan account linked to the bank, however, this feature isn't supported in QuickBooks Online (QBO). What we can do is set up a liability account and track the loan repayment.

Here's how:

Click the Gear ⚙ icon , then select Chart of accounts.
Select New to create an account.
From the Account Type ▼, select Long-Term Liabilities.
From the Detail Type▼, select Notes Payable.
Give your account a relevant name.
Choose when you want to start tracking your finances.
In the Balance field, enter the amount in the account, and determine the as of date.
Enter today's date if you want to start tracking immediately.
Select Save and Close.

Also, you may refer to this article to help you review downloaded banks and credit card transactions: Categorize online bank transactions in QuickBooks Online.

Feel free to go back to this thread for other banking and any QBO-related concerns. I'll be here to assist. Keep safe.

M

mcquistonconstruAuthor

I changed the account type to "Long Term Liablility" and the detail to "Notes Payable" as you suggested. However, when I go to Bank Transactions, and then Manage Connections, I then select my bank, and then "Enable this Account", it takes me to a Connect Account Screen. On this screen, I click on the account, and then in Enter Account type drop down menu, I do not get my loan account as a choice.

C

ChristieAnn 11

Level 9

Welcome back to the thread, mcquistonconstru.

I appreciate you for performing some steps to achieve your goal. Let me provide clarification about setting up a loan account in QuickBooks and ensure you can accomplish what you need in different ways.

The steps provided by my colleague above don't refer to updating account details. Instead, manually set up a Liability account within the Chart of accounts since linking the Loan account directly to QuickBooks is currently unavailable. This is the reason you're unable to get the said account as a choice on your end.

I recommend following my peer's recommendation on manually creating a liability account to track loan transactions and their repayments. This account tracks what you owe. You can also refer to this article for additional guidelines: Set up a loan in QuickBooks Online.

In case you need steps on how to locate entries within your account registers so you can review them in QBO, you can read this article: Find, review, and edit transactions in account registers in QuickBooks Online.

Please know that you can always drop by here if you need any further help with your bank account. I'll be happy to assist you further, mcquistonconstru. Take care.

If you need further assistance or any clarifications about handling loan transactions in QBO, please add them below. I'm always here to provide extra information. Have a great day, mcquistonconstru.

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