QB Issue Resolution:
The LOC is a Current Liability account.
Drawing from it is a Deposit to Banking, from the LOC.
Paying interest in an expense. Paying the LOC balance is posted against the LOC account to show the balance is reduced. Then, you reconcile the LOC account to the statements you get.
Resolution for Issue 'How to I set up a secured line of credit & borrow, make payments & post interest?' available: Yes (Solved).
Source: Intuit Community forum.
How to I set up a secured line of credit & borrow, make payments & post interest?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for borrow
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Error Recovery for borrow [Canada]
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