The Best How To Report Home Equity Line Of Credit For Accounting Ideas. To properly reflect the line of credit draw, record an increase to the checking account by the amount of funds drawn and an increase to the line of credit payable account. In principle, taking out a heloc to pay down other debt makes good financial sense.

Over the past 15 years, home equity lines of credit (helocs) have emerged as the single largest contributor to the growth of household debt in canada, after mortgages. This means that you get approved for a global limit of up to 80% of the value of. I took out a heloc on my personal.