How To Register A Line Of Credit In Quickbooks
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Proceed to the account register below.
How to register a line of credit in quickbooks. From the account type dropdown menu select other current liabilities. Candus kampfer 17 510 views. Next in the bottom left corner click the i tem button then click n ew. Set up the accounts for your line of credit. This tutorial shows how to create a line of credit option for your loan type templates.
Set up an expense account for the interest. Select the customer you want to apply the credit to by typing in the customer name as it appears on the invoice. Your first step when recording a fixed asset should be to record the fixed asset item in quickbooks. Go back to your chart of accounts to create a new account. Set account type as expenses.
To do this go to l ists f ixed asset item list. From the detail type dropdown menu select line of credit. Go to settings then select chart of accounts. 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. If you need to track a line of credit you need to set up two accounts.
One account is for the principal and the other is an expense account for the interest. Set the account type as other current liabilities and detail type as line of credit. While logged in to quickbooks online click the settings button on the home screen and choose chart of accounts. 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. The detail type as interest paid.
Set up an account for the principle. Quickbooks will launch a credit memo wizard. Quickbooks displays the fixed asset item list window see figure 1. 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. 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.
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