Hi dana48,
Welcome to Community! QuickBooks enables you to set up and track a line of credit seamlessly. I would be glad to assist!
To get started you'll need to set up two accounts to record the liability and expense. Once these have been setup, you'll be able to track the transactions associated with your line of credit.
Follow these steps to set up a liability account for the principle;
1. Open your Settings ⚙ an select Chart of accounts
2. Click on New
3. In the Account type, use the ▼ dropdown menu and select Other current liabilities
4. For the Detail type, select Line of Credit
5. Enter an Account name
6. Set the Default tax code
7. Hit Save
Next, you'll need to set up an expense account for the interest. Here's how;
1. In your Chart of accounts, hit New
2. For the Account type, Expenses
3. In the Detail type choose Interest paid
4. Enter a name in the Account name field
5. Select Save
You'll be able to track the amounts you pay back, by creating a cheque, or debit and credit card. Here's a valuable guide for your reference.
Should you require additional assistance, please don't hesitate to contact us outside of Community. It would be our pleasure to work with you in real time and ensure you're able to accomplish your QuickBooks goals as soon as possible!
If you have any other questions, feel free to reach out. We would be happy to help!
