How do you deal with a LOC in QuickBooks DeskTop? When I go into the bank feed center, the LOC shows up and I can open it to the "Match Transactions" module. However, I can't do anything with it there. Unlike chequing accounts or CC's - which I can match multiple transactions easily - if I try to match multiples in the LOC, it gives me an error and tells me that I have to add each LOC transaction individually. That's very inconvenient but it can be done. But, then what? Unlike the matching of transactions in a chequing account or CC, where all I have to do is identify the payee and account (regardless of whether it is a debit or credit), adding a single transaction to QuickBooks from the LOC puts a single line in (I assume) the general ledger with no offsetting entry. I assume that, at this point, I add another entry to the GL to offset the transaction I am trying to add to QuickBooks. Correct? So, what should I be entering? How do I differentiate between money going out of the LOC - like interest charged - and money going into the LOC - like a payment on the LOC?
Now, I have a second issue here. If I open my chequing account, the match transactions window shows "payment" and "deposit" while the CC shows "charge" and "payment". OK, a bit odd to me but I can live with that. When I open the LOC, I see "increase" and "decrease". Again, I can live with that as well. However, it appears that QuickBooks has the columns backwards from what I can see unless I misunderstand what those columns are supposed to represent. For example, interest charged by the bank shows up in the "increase" column which makes no sense to me. So, does that mean that "increase" is recording an increase in liability by increasing the amount of money owed?
Sorry for the rambling, I'm just very confused by how QuickBooks handles the LOC. To me, it should just be another bank account - just with a negative balance.
