Click here to access the Lines of Credit section within the Budgeto app
A line of credit is a source of funds that can readily be tapped at the borrower's discretion. Interest is paid only on money actually withdrawn. Lines of credit are usually secured by collateral, such as accounts receivable and inventory.
Press on the ADD button at the top of the screen to add an entry for a line of credit.
1- LINE OF CREDIT NAME: This is the name of the line of credit.
2- LENDER NAME: This is the name of the lender.
3- AUTHORIZED AMOUNT: This is the maximum amount available for the line of credit.
4- ACTIVATION MONTH: This is the month when the maximum amount of the line of credit start being available.
5- INTEREST RATE: This is the annual rate charged by the lender for the use of the line of credit.
6- HYPOTHESIS: This space is intended to write useful information about the line of credit. This information will be available to all of whom you share your budget with. Note that when you export your budget, this information will not be available in the PDF and the Excel.
7- SAVE: To save the entry.
IMPORTANT Don't forget to press on SAVE once you are done.
PRO-TIP Click on the arrow to the right of the word "SAVE" and select "Save & copy". This will allow you to save your current entry, and then bring you to a new entry page, where all the previous information is already entered.
This will allow you to make small modifications to the NEW current entry, without having to refill every box again.
Related Articles (Please refer to the links below)
- How to enter debts
- How to enter share capital (equity)
- How to enter grants
- How to enter tax credits