Setting up an account to track draw downs and interest expense on a line of credit
I need to set up a line of credit construction loan. The entire amount will put into an account. Will the account be set up as an asset or a liability? I will need to record draw downs that will go to various home construction jobs. I will need to calculate and pay interest expense periodically. The loan will be paid off at closing. How is the best way to handle this so that I can track the draw downs and the interest?
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