Is it advisable to do a transfer between a cash equivalent account and a liability account? I thought a transfer is only applicable between cash equivalent accounts?
Hi Liz, I am having trouble with our line of credit - as I have never done this before. If we received a line of credit for $45,000 for example - should I put that in as my opening balance - or have $0 as the opening balance?
Are you able to enter the limit of the line of credit, so it flows to your balance sheet? So for example if you have a 0 balance on a line of credit but the limit is 10K.
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Is it advisable to do a transfer between a cash equivalent account and a liability account? I thought a transfer is only applicable between cash equivalent accounts?
Hi Liz, I am having trouble with our line of credit - as I have never done this before. If we received a line of credit for $45,000 for example - should I put that in as my opening balance - or have $0 as the opening balance?
Are you able to enter the limit of the line of credit, so it flows to your balance sheet? So for example if you have a 0 balance on a line of credit but the limit is 10K.