Line of credit matured and has been renewed. Bank lumped int. exp ($54) into the full balance do now my year to date int exp is short the $54 and the new balance on loan is short $54. Do i do JE to correct and if so how?
I agree that I need to debit the int exp account $54. If I credit the LOC then it throws my balance off.
My available credit and draws in QB's ties to what the loan statement shows. When I take the bal subject to interest rate and add in the new interest rate for the month it does not tie to the new statement balance. It is off by the $54.