QB Issue Resolution:

I always set up an LOC as a credit card type account.

Like most all credit cards, interest is charged per billing cycle, so when I get the bill, I reconcile and on that reconcile screen there is a block to enter interest charged, recon and then make the payment.  This way the interest charged is as of the recon date, then your payment can be made later if desired

 

you could if you want, though I see no reason to, make a credit card charge as of a certain date using the interest paid expense account and the amount, then reconcile.

Resolution for Issue 'We have a Wells Fargo account that I set up several years back as a Line of Credit, but it actually functions as a credit card, and I do have a physical card. (I do not have a checking account there.) I thought to change it to a credit card account in QBO as effective 1/1/2020, but have not yet actually made the change. Wells Fargo bills on the 24th of every month, and we have been using a QBO transfer to make the payment from our business checking acct to the Wells Fargo Line of Credit account I set up in QBO. Then a second QBO transaction is posted to enter the interest charged for that month which is always an earlier date than we make the payment. Still, the account is only virtually an LOC account in QBO. In fact, it is a credit card account whereby we use the card to draw funding (handled as a cash advance). It seems that it should be in QBO as a credit card, but making a payment that includes interest on one QBO transaction does not allow us to show the interest charged (accrual basis) on a different date than the payment to the principal balance. Is it only possible to handle the 2 different dates for interest and principal if we set up as LOCs? Thanks for help with this.' available: Yes (Solved).
Source: Intuit Community forum.

We have a Wells Fargo account that I set up several years back as a Line of Credit, but it actually functions as a credit card, and I do have a physical card. (I do not have a checking account there.) I thought to change it to a credit card account in QBO as effective 1/1/2020, but have not yet actually made the change. Wells Fargo bills on the 24th of every month, and we have been using a QBO transfer to make the payment from our business checking acct to the Wells Fargo Line of Credit account I set up in QBO. Then a second QBO transaction is posted to enter the interest charged for that month which is always an earlier date than we make the payment. Still, the account is only virtually an LOC account in QBO. In fact, it is a credit card account whereby we use the card to draw funding (handled as a cash advance). It seems that it should be in QBO as a credit card, but making a payment that includes interest on one QBO transaction does not allow us to show the interest charged (accrual basis) on a different date than the payment to the principal balance. Is it only possible to handle the 2 different dates for interest and principal if we set up as LOCs? Thanks for help with this.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for Line of Credit vs Credit Card Accounts
Quickbooks Repair Pro will resolve it efficiently and affordably. Guaranteed resolution of your issue, or you pay nothing!

Error Recovery for Line of Credit vs Credit Card Accounts [Canada]
E-Tech is the #1 Quickbooks data migration and Conversion service provider.

Get 50% off Quickbooks Online

Click Here for 50% off!

Additional Support Options: