How To Register A Line Of Credit In Quickbooks
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Go to settings then select chart of accounts.
How to register a line of credit in quickbooks. Set up an expense account for the interest. Enter a name and then select save and close. How to setup a line of credit in quickbooks duration. Candus kampfer 17 510 views. To do this go to l ists f ixed asset item list.
From the account type dropdown menu select other current liabilities. Go back to your chart of accounts to create a new account. The detail type as interest paid. Quickbooks displays the fixed asset item list window see figure 1. Proceed to the account register below.
Next in the bottom left corner click the i tem button then click n ew. A line of credit does not need to be recorded in a company s accounting records until the business borrows money against the line of credit. To book the loan interest first make the payment in quickbooks to the loan. From the detail type dropdown menu select line of credit. Enter line one to the loan account being paid this is the principal enter line two to an interest expense account this is the interest save down the check.
Select the customer you want to apply the credit to by typing in the customer name as it appears on the invoice. Set up an account for the principle. This tutorial shows how to create a line of credit option for your loan type templates. For the account type choose accounts receivable. How to reconcile bank and credit card accounts in quickbooks online go to the gear icon at top right of screen your company name and click reconcileunder tools.
From your quickbooks home screen choose customers from the menu and select create credit memo. From here select new at which point you can choose current liabilities form the account type menu followed by line of credit in the detail type field. On the second line under name click the account drop down arrow and select the line of credit account line of credit in this example under the credit column enter the amount you paid the vendor 10 000 in this example enter a memo such as paid from line of credit click save and close. Once established a business line of credit can be used whenever a business is in need of the funds as long as the reason for the lending request is within the scope of the original lending agreement. Select the account you are reconciling from the dropdown at accountand click reconcile now.
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