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October 25, 2024
Solved

Line of Credit Account - Transfer

  • October 25, 2024
  • 1 reply
  • 16 views

I want to mark a transaction as a 'transfer' from my LOC to another bank account. Typically, this means setting up a bank account to show what account it transferred from. However, I am not finding anything that looks like it correctly labels the account that way. How should I do this in QB?

 

Thanks!

Best answer by Rainflurry

@lisa-2i-t-com 

 

A LOC is a liability account.  Set it up as an Other Current Liability account.  Then, when you draw on the LOC, make a transfer (New > Transfer) from the LOC to your bank account.

1 reply

Rainflurry
Level 11
October 25, 2024

@lisa-2i-t-com 

 

A LOC is a liability account.  Set it up as an Other Current Liability account.  Then, when you draw on the LOC, make a transfer (New > Transfer) from the LOC to your bank account.