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The interest expense on my LOC is not pulling through on the bank feed. I manually added the transaction but how do I get this charge added to my reconciliation?

 
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Best answer 01-23-2019

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QuickBooks Team

The interest expense on my LOC is not pulling through on the bank feed. I manually added the transaction but how do I get this charge added to my reconciliation?

Thank you for posting here in the Community, @cindi1.

 

You need to manually add the interest expense in QuickBooks and mark it as cleared. Let me show you how.

  1. Click on the Plus icon (+), choose Expense.
  2. Select or enter the name of the financial institution.
  3. From the Bank/Credit account drop-down list, select the line of credit account you set up.
  4. From the Payment method drop-down list, select Credit Card.
  5. In the Account details section, select your interest expense account from the Account drop-down list.
  6. Enter the Amount of the interest charge.
  7. Select Save and Close.

Once done, you can mark the transaction as Cleared. Here's how:

  1. On the left panel, hover your mouse to Accounting, and click on Chart of Accounts.
  2. Choose the bank account where the transaction was added.
  3. Click on View Register.
  4. Look for the transaction, click on the check mark column to mark it with "C".
  5. Click on Save.

Feel free to read this article for more information: How to Track a Line of Credit?

 

Let us know if you have other questions. We'll be around to help.

View solution in original post

1 Comment
Highlighted
QuickBooks Team

The interest expense on my LOC is not pulling through on the bank feed. I manually added the transaction but how do I get this charge added to my reconciliation?

Thank you for posting here in the Community, @cindi1.

 

You need to manually add the interest expense in QuickBooks and mark it as cleared. Let me show you how.

  1. Click on the Plus icon (+), choose Expense.
  2. Select or enter the name of the financial institution.
  3. From the Bank/Credit account drop-down list, select the line of credit account you set up.
  4. From the Payment method drop-down list, select Credit Card.
  5. In the Account details section, select your interest expense account from the Account drop-down list.
  6. Enter the Amount of the interest charge.
  7. Select Save and Close.

Once done, you can mark the transaction as Cleared. Here's how:

  1. On the left panel, hover your mouse to Accounting, and click on Chart of Accounts.
  2. Choose the bank account where the transaction was added.
  3. Click on View Register.
  4. Look for the transaction, click on the check mark column to mark it with "C".
  5. Click on Save.

Feel free to read this article for more information: How to Track a Line of Credit?

 

Let us know if you have other questions. We'll be around to help.

View solution in original post

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