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Quick QB's question.

Discussion in 'Business Operations' started by KenH, Mar 13, 2003.

  1. KenH

    KenH LawnSite Bronze Member
    from CT
    Messages: 1,622

    I have QB Pro 2002. I have setup standard loans correctly, but how do I handle an equity line of credit??
     
  2. zturncutter

    zturncutter LawnSite Bronze Member
    Messages: 1,308

    Set it up as a Credit card.:)
     
  3. bruces

    bruces LawnSite Senior Member
    Messages: 648

    Set it up as a regular loan also. Same as a regular loan, when you make a payment, show the interest and principal separately.
     
  4. KenH

    KenH LawnSite Bronze Member
    from CT
    Messages: 1,622

    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
     
  5. bruces

    bruces LawnSite Senior Member
    Messages: 648

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

    The limit is for reference purposes only.
     

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