Line of credit loan - mortgage

[John Wilson & Diane Martin]

I'm not an accountant but when I recently activated a line of credit I
treated it as a Liability as it has to be paid off like a credit card
account.
I would be interested in other peoples approaches to this problem.
HTH
John
On Tue, 2010-05-18 at 21:29 +1000, dude man wrote:
> Hi,  Can someone tell me how to set up a from the beginning a structure for a mortgage that is a line of credit loan?  To complicate matters further it's a construction loan so while I have been approved for the whole amount only part payments of lump sums are being made to the builder.
> 
> I don't know what to include in the Assets/Liabilities etc.
> 
> If someone could point me in the right direction I would appreciate it
> 
>  
> 
> Thanks
> 
>  
> 
> Chris
>  		 	   		  
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