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KenH
03-13-2003, 08:26 PM
I have QB Pro 2002. I have setup standard loans correctly, but how do I handle an equity line of credit??
zturncutter
03-13-2003, 10:22 PM
Set it up as a Credit card.:)
bruces
03-13-2003, 11:54 PM
Set it up as a regular loan also. Same as a regular loan, when you make a payment, show the interest and principal separately.
KenH
03-14-2003, 02:33 PM
Ok-- I got it. It is set up as a long term liability, except the balance of the loan is only the amount I have borrowed, not for the entire equity amount. Thanks
bruces
03-14-2003, 02:57 PM
Originally posted by KenH
Ok-- I got it. It is set up as a long term liability, except the balance of the loan is only the amount I have borrowed, not for the entire equity amount. Thanks

That's right, the balance should only show what you actually owe at any point in time.

The limit is for reference purposes only.