Tag: liability account
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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…