Hi Team,
We have recently had a line of credit added to our existing cheque account that we use as our primary account. In reality it acts more as an overdraft. IE in simple terms, $30K balance of cheque account and $40K line of credit. As the credit is fully integrated into the cheque account as a $70K pool of available funds, do I transact as normal in "Spend Money" and if the balance drops below zero the $40K is utilised and the cheque account balance will be reflected as a netative balance?
I fail to see how I could manage setting up a separate liablility account and reconcile both if they operate from the one account.
I would appreciate your help.
