Are you trying to set up a line of credit?

Step 1. Create the current liability accounts.

Step 2. Enter the transactions (did you borrow, pay down the line of credit).

Don’t forget to break down the principal and interest. Let me show you …

Setting Up Line of Credit

  • Go up to “List”
  • “Chart of Accounts”
  • Go down to “Account”
  • “New”
  • If you don’t see “Loan,” click “Other Account types: Other current Liability”
  • Click “Continue”
  • “Account Name”
  • “Tax-Line Mapping” – Tax professional
  • “Enter Opening Balance” (Not Recommended)
  • Click “Save & Close”

 

Transfer/Deposit Line of Credit to Your Account

  • Go to “Banking”
  • “Transfer Funds”
  • “Transfer Funds from”
  • “Transfer Funds To”
  • Click “Save & Close”

 

Or

  • Go to “Banking”
  • “Make Deposits”
  • Pop up screen will show. Click “Cancel”
  • “Deposit To”
  • “Date”
  • “From Account”
  • “Memo”
  • “Amount”
  • Click “Save & Close”

 

Paying Line of Credit Back

  • Go up to “Banking”
  • “Check Register” / “Write Checks”
  • “Add details”
  • Click “Save & Close”

 

Decided to buy a vehicle?

**Inside Line of Credit

  • “Date” you purchased the vehicle
  • “Account”
  • “Amount”
  • Find “Asset” Account
  • “Memo”

 

 

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Do you understand better how to set up a line of credit inside QuickBooks? Please comment below!👇