2410 Line of Credit
The outstanding principal on a revolving business line of credit. A liability that goes up when you draw and down when you repay.
In Solo Superstars
Add the line as a liability bank account and it pairs here. Importing a line-of-credit statement splits each payment into principal (here), interest (9000) and fees.
Example
Draw $5,000: debit 1010 5,000, credit 2410 5,000. A $520 payment: debit 2410 500, debit 9000 Interest Expense 20, credit 1010 520.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- LOC
- revolving credit
Related
- Line of credit — A bank facility you draw on and repay. Tracked as a liability bank account; statement payments split into principal, interest and fees.
- Bank account — A real place money lives: checking, savings, a credit card, a line of credit, cash on hand. Each one gets its own ledger account automatically.
- 9000 Interest Expense — Interest paid on loans, credit cards and lines of credit. An "other expense", below operating expenses.
- Chart of accounts — The list of buckets your money can be sorted into: assets, liabilities, equity, revenue, expenses. New workspaces start with a default set you can rename or extend.
- Default chart — The chart of accounts every new workspace starts with, numbered the way QuickBooks users expect. Yours may have been renamed or extended since.