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ap96
Level 1

I want to pay off active line of credit loans early but don’t see any way of doing that

 
1 Comment 1
MirriamM
Moderator

I want to pay off active line of credit loans early but don’t see any way of doing that

You can pay off your line of credit using a paper check, debit card, or credit card, ap96.

 

To pay with a paper check, here's what you'll need to do:

 

  1. Go to the left-hand menu, click on Create, and choose Check.
  2. In the Payee field, type in or select the name of the financial institution.
  3. From the Bank Account dropdown menu, choose the financial institution.
  4. In the Category field, select Line of credit and enter the principal amount you'd like to pay.
  5. In the Category field, select Interest paid and enter the interest amount you wish to pay.
  6. Click Save and close to complete the process.

 

To pay with a debit or credit card, you can:

 

  • Record the repayment as an expense
  • Categorize the expense when it comes in to your bank feed

 

For detailed instructions, refer to the Pay with a Debit or Credit Card section in the article: Manage a line of credit.

 

On top of that, consider using QuickBooks Live Expert Assisted for personalized support with your accounting tasks. They can help automate processes like invoicing, expense tracking, and sales tax management, streamlining your bookkeeping.

 

If you need further assistance, feel free to reach out.

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