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Would i use equity account type in quickbooks to track line of credit accounts where I draw and repay the account?
No, you would not use an equity account type in QuickBooks to track line of credit accounts. Instead, you should use a liability account, specifically a "Credit Card" or "Other Current Liability" account, to properly track the draws and repayments associated with the line of credit. This ensures that your financial statements accurately reflect your obligations and available credit.
Why is the balance as per bank statement on the bank reconciliation statement a credit if its a favorable balance but in the bank account the credit means you owe the bank money?
The Debit and Credit on a bank statement reflect the Bank's accounting records, not yours. So when you deposit money into your account, the bank owes you that money to you - it is a liability for them, therefore a credit entry. Similarly, if they charge you a bank fee, it reduces their liability to you, so they would Debit your account (on their books) and Credit an Income account.
How long does it take to reflect on your credit report when you pay off an account?
Probably next month, when your next payment would have been due. -Jesse
Accounting entry for loan drawdown with existing credit facility from bank?
When a loan is drawn down from an existing credit facility, the accounting entry typically involves debiting the cash or bank account to reflect the increase in cash. Simultaneously, a credit entry is made to a loan payable or liability account to recognize the obligation to repay the borrowed amount. This entry ensures that the financial statements reflect both the inflow of cash and the corresponding liability incurred.
Why is it not possible to have a credit balance brought down on a cash account?
A cash account is designed to track cash inflows and outflows, reflecting the actual cash available. A credit balance in a cash account would indicate that the account has a negative cash position, which is not feasible since it cannot hold negative cash. If a credit balance appears, it typically suggests an error or that the account has been overdrawn, requiring correction. Therefore, a cash account should always reflect a debit balance or zero.
Are both spouses responsible for charges on a joint credit card when separated?
Yes. That's why you shouldn't share an account.
If the primary creditor defaults on credit card will the secondary's credit rating be affected if they're not spouses?
Credit scores are kept separate, unless the account in default is a joint account. However, if you are a co-signer you will be contacted about the debt. If you are unable to pay or cannot negotiate a settlement. It will turn up on your credit report.
Would i use equity account type in quickbooks to track line of credit accounts where I draw and repay the account?
No, you would not use an equity account type in QuickBooks to track line of credit accounts. Instead, you should use a liability account, specifically a "Credit Card" or "Other Current Liability" account, to properly track the draws and repayments associated with the line of credit. This ensures that your financial statements accurately reflect your obligations and available credit.
Is it illegal to get your spouses credit card number even though your separated?
It might not be illegal to "get" a credit card number but it would be to use it if you're not an authorized user. If you're not on the account then the provider has no obligation to provide you any information about it.
Why is the balance as per bank statement on the bank reconciliation statement a credit if its a favorable balance but in the bank account the credit means you owe the bank money?
The Debit and Credit on a bank statement reflect the Bank's accounting records, not yours. So when you deposit money into your account, the bank owes you that money to you - it is a liability for them, therefore a credit entry. Similarly, if they charge you a bank fee, it reduces their liability to you, so they would Debit your account (on their books) and Credit an Income account.
Does Wisconsin garnish a spouses wages to satisfy a credit card debt?
No, Wisconsin will not garnish a spouses wages to satisfy a credit card debt. Credit cards do not generally seek garnishments unless the amount is very large.
Why did your credit card payment reflect in your outstanding balance but not show up in your available balance?
Because you may have changed the account to a savings :L
How do i get credit history?
You can get credit history by having a credit card or line of credit. Anything that reports to the credit bureaus that you are paying each month. You can also get some credit accounts added to your credit history by becoming an authorized user on a spouses or family members account. All this doesn't matter if it isn't paid on time, so a credit history length with a good payment history will help your credit score.
Using a dead spouses credit card?
Using a dead person's credit card is a criminal offense.
What is the practical penalty in California for obtaining a spouses credit report for the purpose of monitoring the credit?
Death penalty.
What happens when you return an item purchased with a credit card?
When you return an item purchased with a credit card, the amount you paid for the item is typically refunded back to your credit card account. This process may take a few days to reflect on your credit card statement.
Statute of limitation for credit cards in New Jersey?
New Jersey has set the statute of limitations at 6 years. A credit card is an open ended account. That will be from the last communications from the debtor. Please note that the credit card may be based on a different jurisdiction which could be longer! Check your agreement for the applicable jurisdiction.
