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Accounting, Payroll & Pension Issues/Balance Sheet entry
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Question
What balance sheet account is used for both credit card accounts and a bank line of credit? Also, what action is taken when draws are made and repayments? You assistance is greatly appreciated!
Both are current liablities, if the credit line is significant it should have its own line on the balance sheet. The credit cards should be a part of accounts payable.
If it is credit card money due you, it should be treated the same as accounts receivable.
Good luck
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Accounting, Payroll & Pension Issues
Answers by Expert:
Ed McFarland
Expertise
Over 20 years of experience as a CFO, Controller and now Consultant to small businesses. Dealt with 401k, 403b, deferred comp plans, key man issues, disablity, business continuation plans, HSA plans and other benefit issues.
Experience
Management experience in Financial Services, Manufacturing, Media, Logistics. Taught graduate and undergraduate business courses.
Education/Credentials
MBA
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