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Reconciling a Line of Credit account?
Not sure if I've setup an account wrong or what needs to change.
We have a Business Line of Credit. I set it up as a sub-account of "Line of Credit Payable", which is an account type of "Other Current Liability".
I receive monthly statements and want to reconcile the account so I can verify the balance and capture finance charges. However, it appears that I can only reconcile accounts of type "Bank" or "Credit Card". Is this true?
The account isn't used that much. I typically, complete an account transfer from the Line of credit to our checking account. Then write a check to pay the account. I have to do JE's to get the finance charges recorded into my "Line of Credit Payable".
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