cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Do I set up the line of credit lender up as a vendor to Record a payment to my line of credit for the business?

 
1 Comment
Highlighted
QuickBooks Team

Do I set up the line of credit lender up as a vendor to Record a payment to my line of credit for the business?

Hi monica-loboprote, 

 

You can set up the line credit lender as a vendor and create a new account for your business line credit.

Here's how:

 

To add a vendor

  1. Click the Expense menu.
  2. Select Vendors.
  3. Click New Vendor
  4. Fill in the necessary information.
  5. Click Save.

To create a new account

  1. Click the Gear icon, then select Chart of Accounts.
  2. Select New to create a new account.
  3. In the Account Type drop-down choose an account type.
  4. In the Detail Type drop-down, select the detail type best fits types of transactions you want to track. Learn more about detail types.
  5. Give a name as Line of Credit. You can use the info under the detail type to add a name that fits.
  6. Add a description.
  7. If you’re adding a sub-account, select Is sub-account of and then enter the parent account. If you need help, learn more about parent accounts and subaccounts.
  8. Choose when you want to start tracking your finances from the drop-down. Or learn more about opening balances:
  9. When you're done, click Save and Close.

Once you create an expense or bill transaction, use the Line of Credit account that you've created.

 

You'll also want to run account reports in QBO, please check this article for more information: Run Reports.

 

Don't hesitate to click the Reply button below if you need further assistance. I'd be here to help.

Need to get in touch?

Contact us