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Chart of Accounts

How do I characterize a Line of Credit. What kind of account should it be in new QuickBooks Online?

In QBO, Line of Credit should be setup as Other Current Liabilities type account.

  • See screenshot photo 1 below for account setup

In QBO, you can transfer funds from Line of Credit account to Bank account. From the Homepage screen

  • Select “+” sign
  • Select “Transfer” under Other heading
  • See screenshot photo 2 below for transfer from Line of Credit to Bank account
QBO line of credit account setup
QBO line of credit account setup
QBO line of credit bank transfer
QBO line of credit bank transfer

 

New QuickBooks Online Plus – How to enter various expenses in new QBO?

QuickBooks Online (QBO) Tutorial – Customer Invoice, Sales Receipt, Receive Payment, Bank Deposit