How To Register Ppp In Quickbooks

Qbo has ready report available for the same.

How to register ppp in quickbooks. Quickbooks help on how to record the ppp paycheck protection program and eidl economic injury disaster loan activities i e. Then craft a report to show that you spent the money on payroll utilities and rent. Write a check payable to the ppp lender for 57 000 and date the check june 20 2020. 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. 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.

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. In the top right click new to create a new account. Select bank click continue. Jody linick is an aipb certified bookkeeper a quickbooks certified pro advisor and a member of the intuit trainer writer network. Additionally if you have quickbooks online plus you can add a class called ppp and tag expenses to it.

In the chart of accounts select account then select new. That will open up the chart of accounts screen with the list of all of your accounts. The business received 57 000 in ppp funds on april 25 2020. 1 create a sub account to the bank account in the chart of accounts. Click save and close.

Enter a name for the account like ppp loan funds. Click sub account of and choose the bank account from the drop down. 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. 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.