Bank Transaction and Line of Credit transaction: I have a line of credit at the same bank as my checking account. I download the transactions and in my checking account it shows a transfer (payment) to the line of credit I made but in the line of credit account it only shows the principal amount of the payment. How do I match this up and how do I enter the interest?
a line of credit is borrowing money, so the payment has to be split, part of it goes to interest expense and the remainder goes to pay down the line of credit
you can fix this with a journal entry for the amount of interest paid
debit interest expense, credit the line […]
Resolution for 'Bank Transaction and Line of Credit transaction issue: 'I have a line of credit at the same bank as my checking account. I download the transactions and in my checking account it shows a transfer (payment) to the line of credit I made but in the line of credit account it only shows the principal amount of the payment. How do I match this up and how do I enter the interest?' available: Yes.
The Bank Transaction and Line of Credit transaction 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 Bank Transaction and Line of Credit transaction issue yourself by looking for a resolution described in the article. If it is a complex Bank Transaction and Line of Credit transaction issue or you are unable to solve the issue, you may contact us by clicking here or by using other Bank Transaction and Line of Credit transaction support options.
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