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
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.
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