I have a line of credit with my bank that I setup as a new bank account. I transfer money from the LOC to my checking account and then pay it back when it’s due. How would I account for those transactions in Manager?
You can use
Transfer money button under
Bank accounts tab. It’s basically transfer between two bank accounts, right?
I used the transfer money button and that works fine. However, after I transfer the money from the LOC to the Checking account, that amount does not show up as a liability.
Currently all bank accounts show under
Cash at bank asset control account. That includes bank accounts with negative balances too.
There will be some changes to this but in the meantime, if you really want to show this line of credit as a liability, create this new bank account under
Chart of accounts as a liability account instead of creating it as a bank account. Now I wouldn’t really recommend this since as I said, there will be some improvements and bank accounts with negative balances will show as liability in future.
Hi Lubos, Just wondering if you had an update as to when bank accounts with negative balances will show as liabilities? Thanks for all of your work!