I am building a shop and using a line of credit to do so, how do I record this with out declining my bank account balance? I was using L+ but then it would take out of my bank account. I cant use capital asset purchase because it is still being built.
Hi Darrian, The transaction you want to use should be something like what I've pictured for you below. Your account numbers may be different. Essentially, everything to do with the construction goes into an asset account until the project is finished. Then at that time you'd convert the balance into a new capital asset.
https://uploads.disquscdn.c...