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November 26, 2023
Question

How do u convert long term liability ( line of credit ) account as bank account so u can import all statements from bank.

  • November 26, 2023
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1 reply

November 26, 2023

Greetings, @Amit

 

We appreciate you reaching out to the Community. It is our pleasure to assist you in converting a long-term liability (line of credit) account into a Bank Account.

 

To convert a Line of Credit account to a Bank Account, you will need to follow certain steps.

 

Here's how:

 

  1. Go to Settings, then select Chart of Accounts.
  2. Locate the Line of Credit Account; at the drop-down arrow, click Edit.
  3. From the Save account under select Bank
  4. In the Tax form section, select your desired account type
  5. Retain the name of the account of the Line of Credit.
  6. Select Save.

 

Additionally, you can check this article to guide you in running a report: Run report in QuickBooks Online.

 

Feel free to ask questions or express concerns regarding your line of credit account. We are here to assist you. Stay safe!