How To Register Ppp In Quickbooks
Qbo has ready report available for the same.
How to register ppp in quickbooks. The business received 57 000 in ppp funds on april 25 2020. Quickbooks help on how to record the ppp paycheck protection program and eidl economic injury disaster loan activities i e. Creating a liability account to record loans in quickbooks online navigate to your chart of accounts by selecting accounts on the left hand side and choose chart of accounts. Click sub account of and choose the bank account from the drop down. That will open up the chart of accounts screen with the list of all of your accounts.
Enter a name for the account like ppp loan funds. New to intuit s quickbooks is the paycheck protection program ppp center and the latest update adds a loan forgiveness estimator and ppp specific reports to quickbooks online among other tools. Join this cpe webinar to learn how to manage your ppp loan in quickbooks online using classes checking sub accounts and tagging. So that is record in case your are audited for the same. Select bank click continue.
Write a check payable to the ppp lender for 57 000 and date the check june 20 2020. In qbd and qbo the bank register will display the ppp check separated by a dark horizontal line since the ppp check at a later date than today s date. In a few days look for part ii. Many tech providers within the accounting space have rapidly added tools to help small businesses cope with business disruption during the covid 19 pandemic including some pricing relief. Jody linick is an aipb certified bookkeeper a quickbooks certified pro advisor and a member of the intuit trainer writer network.
The monies received and paid. In the chart of accounts select account then select new. Ppp loan without opening a separate bank account. 1 create a sub account to the bank account in the chart of accounts. In the top right click new to create a new account.
Click save and close.