Drawing from Line of Credit

I have a Line of Credit that I categorized as a debt account since my goal was to pay it off. I had to recently draw from it but I’m unable to record that transaction as a transfer to my checking.
Do I need to recategorize as something other than a debt to be able to record the draw?

Hi there,

There’s not currently a way to Account Transfer from Debt Accounts, but you can record this “Transfer” by going to your Edit Accounts page (https://goodbudget.com/account/edit) and manually updating the balances of the Debt Account and the other Account the money was moved to.

This will create two Account Balance Adjustment transactions that you can rename to show they were a withdraw from your line of credit.

1 Like

We made payment with our visa and then paid the card off with our line of credit. I am trying to figure out how to capture this on goodbudget. We have LC account and Visa account created in Goodbudget. It won’t let me do a transfer from LC to Visa

You won’t be able to transfer per se, but the easiest way I know of to record this activity is to Edit the balances of each account by the amount of the transfer. Just choose the Edit function from the Account page and increase the amount owed on the LC, while decreasing the amount owed on the CC. This will create line items for the adjustments which you can rename to reflect your activity.
Hope that helps!