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Accounting & Bookkeeping & Small Business Forum
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Barney
Joined: 19 Aug 2005
Posts: 129
Location: California
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| Posted: Wed Aug 13, 2008 4:04 pm Post subject: Line of Credit Account |
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| How should a line of credit be set up in QuickBooks? |
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RobJ
Joined: 11 Jun 2008
Posts: 182
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| Posted: Wed Aug 13, 2008 5:28 pm Post subject: Re: Line of Credit Account |
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Barney wrote: How should a line of credit be set up in QuickBooks?
Create a liability account called "Line of Credit" or some other useful name. When the line of credit is used, you'll <CR> the liability account and <DR> the cash/checking account.
Rob |
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QBConsultant
Joined: 06 May 2008
Posts: 56
Location: Kansas City, MO
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| Posted: Tue Oct 07, 2008 9:17 pm Post subject: |
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You can also set it up a line of credit as a credit card type of account. This allows you to enter the draws (credit card charges) as they are made and you can reconcile the account each month, record the interest/fees, and make payments.
Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting
Advanced Certified QuickBooks ProAdvisor
National Trainer for Intuit Accountant Trainer/Writer Network
http://www.SuccessfulQuickBooksConsulting.com
http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-starting/dp/1434810690 |
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