Line of Credit - bank data feed

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  • Updated 3 years ago
I have set-up a line-of-credit account as a liability so that it's correctly reflected in my balance sheet. However, I have a bank feed set-up for this account and there appears to be noway to attach a bank feed to a liability account. I'm a bit confused.
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Jay Garland

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Posted 3 years ago

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Kevin Russell, Accredited Partner

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Yes its very confusing. The only thing I can suggest is to set it up as a credit card. Let me know how you fare
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Jay Garland

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That's a good option Kevin. However, even if I do that, if I want to be able to have people pay their invoices into the line-of-credit account, that's not possible. Invoices can only be paid into a BANK account. I could always set-up the line-of-credit as a bank account with a negative balance - not the neatest solution as it will skew the balance sheet.
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Kevin Russell, Accredited Partner

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Well the bank account is the obvious idea. The line of credit is really just a revolving overdraft. Why dont you want to do that?)
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Jay Garland

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If I set the line-of-credit up as a BANK account rather than a LONG-TERM LIABILITY, it shows up in the balance sheet as a negative value in assets - where I'd prefer it to show as a positive value in liabilities.
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Kevin Russell, Accredited Partner

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And you cant have everything is the lesson of the day.
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Jay Garland

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That's the conclusion that I'm coming to myself!
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John G, Information Support Analyst

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Hi Jay,

Thanks for the question.

You can only import bank transactions into a bank or credit card ledger account.
Is running your Line of Credit liability as a Credit Card an option?


regards,
John.
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Kevin Russell, Accredited Partner

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John we already discussed this. Did you read the thread?
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Jay Garland

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I'm going to set it up as a BANK account with a negative balance. I need the invoicing function and bank feed functions and I can't get either when it's a liability. If it's a credit card, I can get the bank feed but not the invoicing function. (by invoicing I mean Reckon only allows payment into a BANK account).
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Kevin Russell, Accredited Partner

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So back where we started Jay. Glad we got that sorted. Cheers
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Kevin Russell, Accredited Partner

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Oh and to be fair the other software doesnt handle it any differently. Its not a normal situation you see