How To Register Ppp In Quickbooks

Enter a name for the account like ppp loan funds.

How to register ppp in quickbooks. Select bank click continue. 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. 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. In the chart of accounts select account then select new. Click save and close.

1 create a sub account to the bank account in the chart of accounts. That will open up the chart of accounts screen with the list of all of your accounts. Ppp loan without opening a separate bank account. Qbo has ready report available for the same. Write a check payable to the ppp lender for 57 000 and date the check june 20 2020.

Join this cpe webinar to learn how to manage your ppp loan in quickbooks online using classes checking sub accounts and tagging. The monies received and paid. 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. Click sub account of and choose the bank account from the drop down. Additionally if you have quickbooks online plus you can add a class called ppp and tag expenses to it.

The idea would be that you can run a profit and loss by class report at the end of the loan spend period to easily find your ppp. Jody linick is an aipb certified bookkeeper a quickbooks certified pro advisor and a member of the intuit trainer writer network. 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. So that is record in case your are audited for the same. In a few days look for part ii.

The business received 57 000 in ppp funds on april 25 2020.