In this article you will learn how to track a line of credit in QuickBooks. To know more call on Quickbooks Phone Number.
Follow these steps to set up a line of credit account:
To set up a line of credit account:
• On the Toolbar, click on the Gear icon.
• Select Chart of Accounts under your company.
• Click on New.
• Select Credit Card in the account dialog box in the Account type and Detail type fields from the drop-down lists.
• For the account, enter a name and then add any other important information in the given appropriate fields. Remember to leave the account Balance field blank.
• Click on Save and Close.
Now, your account is all set up and ready for use.
How to deposit a line of credit extended to your company?
Follow these steps to create a deposit for a line of credit extended to your company:
• On the Toolbar, select the Plus icon (+).
• Select Bank Deposit, under other
• Choose the appropriate account.
• Select the credit card accountin the Add funds to this deposit section that you had created from the Account drop-down list.
• Enter the Amount that has been deposited to the bank.
• Click on Save.
You have now successfully recorded the deposit.
How to record interest charges on your line of credit?
Follow these steps to record interest charges applied to your line of credit by your financial institution:
• On the Toolbar, select the Plus icon (+).
• Select Expense under vendors.
• Select or enter the name of the financial institution in the Choose a payee field.
• Select the line of credit account you set up from the Bank/Credit account drop-down list
• Choose Credit Card from the Payment method drop-down list
• Select your interest expense account in the Account details section from the Account drop-down list.
• Enter the Amount of the interest that is to be charged.
• Click on Save.
You have now recorded the interest charges.
How to include the shipping address to an invoice?
• From the left menu, choose Sales or invoicing.
• Choose Customers from the top.
• Select the name of the Customer.
• At the top right, choose Edit.
• Unchecked the box labelled under shipping address uncheck same as billing address.
• Enter the address of Shipping. Ensure that it is at least one character different from the billing address.
• Click on Save.
To know more on how to track a line of credit in Quickbooks call on Quickbooks phone number. Also, you can write us at support@quickbooksupport.net. Feel free to reach us anytime; our team of executives is 24/7 available at your service. For more information visit, www.quickbooksupport.net.