AboutLinda Saltz, CPA, QBalance.com Expertise QuickBooks best practices, troubleshooting, accounting, tax
We have over 70 pages of website content about QuickBooks tips,
running a business, tax and business startup at http://www.qbalance.com
Experience Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
Producer of www.QBalance.com over 100 pages devoted to QuickBooks help and support
and training for small business owners in tax and accounting issues.
Question I read your response awhile back regarding the posting of Lines of Credit as a liability in QB. Do you also post it as an asset on your balance sheet? what are the journal entries to post the line of credit on your books?
Answer Hi Gwen,
You have to trace where that line of credit line was deposited, or if you paid expenses directly from the line of credit, what was paid.
If the line of credit was deposited into your checking in QB, find that deposit and see how you coded it. The journal entry to credit line of credit would be offset by a debit to this same account.
If you have not recorded the line of credit deposit into your checking yet, you can make a deposit and under the From Acct: column enter the account Line of credit, if it does not exist, add it as a short term liability account.
Let me know if you have more questions,
Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
www.qbalance.com
