Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
How should this transaction be entered correctly?
I open a business credit line. $200 was the amount to open this credit line. The money came from my business checking. The transaction is a setup fee for the business line of credit.
Thanks
If it's a fee, then I'd record it as a bank fee, like your other bank fees (like monthly account fees, probably).
Hello,
Trying to reconcile my business credit line but a couple of questions.
1. The original amount of my credit line is $5000 do I need to enter this info in QuickBooks desktop? if so, what would be the best way to add the credit limit?
2. When I'm trying to reconcile my credit line to enter the interest fees charges to this account I can't select the account from the drop-down menu under write check. I have set up this account under other current liability and it still does not show on the drop-down menu. Is there another way to enter the interest charges.
Hi there, Eve2019.
I'm here to help record your credit line so you can continue reconciling the account.
You don't need to write a check to keep track of the credit line. Instead, you can record it through the vendor's profile. Here's how:
You can also check this article for details on how Accounts Payable is used to track the money you owe your vendors and other related transactions: Accounts Payable workflows in QuickBooks Desktop.
Let me know whenever you have concerns about managing your account.
1) When you receive a disbursement from your LOC, enter it as a deposit and assign your LOC liability account to the deposit. From an accounting standpoint, your credit limit does not get entered anywhere, only the actual disbursements taken are entered.
2) Interest charges are an expense.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here