You can repay it through installments over 12 months, Darren. I'll provide more details below to give you more insights into this matter.
Besides paying off the loan over 12 monthly installments, QuickBooks automatically applies customer invoice payments to the business loan balance. Moreover, if the customer pays the invoice in full using QuickBooks Payments within 30 days of the advance, any interest accrued will be automatically waived.
For more information, please see this page: Intuit QuickBooks introduces Line of Credit.
In addition, you can explore this article to help you record repayments made using a paper check, debit, or credit card in QuickBooks: Manage a line of credit.
Do you need assistance categorizing bank transactions in QuickBooks? Our QuickBooks Live Expert Assisted can offer tips and guide you to streamline the process of handling this task.
I'm also open to helping you reconcile bank accounts in QuickBooks or require assistance keeping things organized in your company. You can let me know in the comment section so I can guide you promptly. Stay safe.
