cancel
Showing results for 
Search instead for 
Did you mean: 
Sonny209
Level 3

credit line finance charge adjustment

hi, 

i need help figuring out how to record finance charge adjustment in my credit line ,, my credit line account is setup as liability account.  it doesn't let me record as interest income and i cannot record as expense because then it goes to the charge side.  Please advise. thanks

 

 

1 Comment 1
docsbp29
Level 1

credit line finance charge adjustment

It's not interest income it's interest expense. If the bank adds the finance amount to your loan balance increase the loan amount in the loan register using the account interest expense. If the bank deducts it the fee from your checking account or you send them a check use interest expense account in the check register.

Need QuickBooks guidance?
Log in to access expert advice and community support instantly.

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up