How to I account for a “sweep account”. When our checking balance gets low we have a line of credit that will sweep funds into our current checking account. I am very new at book keeping and I’m not sure how to track this in the software.
I have the LINE OF CREDIT as a Liability (Long-term) but I’m not sure how to increase what we owe as money moves into our account.
I hope this makes sense.
Thank you! By the way I am really loving the flexibility of this software! Especially for me with very little accounting and book keeping experience/background.