Why is that also an Asset? The “Asset” side is the Bank, typically.
A LOC is a loan activity. The Proceeds go somewhere and/or are used for something.
So, for instance, a LOC used for Construction Draws:
1. This is Deposited to your Bank (that is the Asset you asked for) and now […]
Resolution for 'Activities issue: 'I’d like to record a LOC as an asset and also show liability as each draw is taken.' available: Yes.
The Activities issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the Activities issue yourself by looking for a resolution described in the article. If it is a complex Activities issue or you are unable to solve the issue, you may contact us by clicking here or by using other Activities support options.
For more information about resolving issues related to Activities in Quickbooks/QBO or to get support for the issue 'I’d like to record a LOC as an asset and also show liability as each draw is taken.', click the link below: