Tracking Lines of Credit in QBO
Four easy steps to add Line of Credit account using QuickBooks Online.
Keeping track of Lines of Credit (LOC) requires tracking interest expenses and movements of funds for each of them. QuickBooks Online enables you to add as many LOCs accounts as you may need.
Below is a list of four easy steps required to add a new Line of Credit account in QuickBooks Online.
1. On a menu bar Proceed to Accounting -> Chart of accounts. It will take you to a list of all accounts. Click on a "New" button.
2. Select account properties from the drop-down list. Account Type is Long-term Liability; Detail type is Bank Loans; Type account name that would differentiate it from other accounts.
3. Click "Save and Close" to complete adding new account.
