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MDCincy
Level 1

Credit Card/Line of Credits

First, I have my Line of credit transactions being pulled from my bank. This is good. They all upload correctly to QuickBooks, good. When I go to the “register” it shows an “opening balance equity” account and has the initial amount of credit I was granted. My question is, should it be categorized as “opening balance equity”? Or should it be something else, and if so, what should it be? Also, it shows the amount initially granted For the line of credit as a payment, creating a negative balance on the register as the first transaction. Finally, this creates a negative balance “in QuickBooks” but a positive balance in “bank balance”. Both the exact same number.

What am I missing?

1 Comment 1
Rustler
Level 15

Credit Card/Line of Credits

A line of credit does not have a starting balance unless you borrowed money before creating the QB file.

 

A LOC is a credit limit, just like all credit cards have.

 

You do not say what type of account the LOC is, I prefer to list it as a credit card type account since it works just like one

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