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UnitedWisdom
December 15, 2021
Question

Re: In quickbooks banking, how do i classify a line of credit deposit

  • December 15, 2021
  • 1 reply
  • 0 views

Hello, Quick Book Community:

I want to know if a Secure Line of Credit Account issued by a Canadian charter bank will consider a deposit account in Canada. 

If a Secure Line of Credit Account will insure by the CDIC as a deposit account in Canada. 

Lines of credit - Canada.ca

Thanks.

 

    1 reply

    T
    Trish_T
    December 16, 2021

    Hi UnitedWisdom,

     

    Welcome to Community!  Having the option to add a secured line of credit is essential for tracking purposes, and keeping the account aligned.  QuickBooks Online provides you with the necessary fields for adding accounts to your chart of accounts.  I'd be happy to help!

     

    It's always best to consult with your accountant for additional assistance with recording transactions when in doubt.  We can help you find an accountant, if you don't already have one.  In the meantime, here's how to add the line of credit in your chart of accounts:

     

    1. Click on the Gear in the top right of your QuickBooks Online account

    2. Select Chart of Accounts

    3. Click on New

    4. Using the ▼ dropdown menu for the Account Type, choose Other Current Liabilities

    5. For the Detail Type, select Line of Credit from the ▼ dropdown menu

    6. Select the Currency

    7. Enter the Balance and As of date

    8. Hit Save and closed when complete

    You're all set!

     

    If you have any other questions, please don't hesitate to reach back out.  We're glad to assist!

     

     

     

     

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