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Snowling1
Level 1

Covid-19 BBL for Self Employed.

Hi, I have received the government Bounce Back Loan and unsure how to account for it on Quickbooks, I have the self employed system & don't have access to the menus required in previous answers to this question.  If someone could help that would be great, thank you.

Solved
Best answer March 25, 2021

Accepted Solutions
IamjuViel
QuickBooks Team

Covid-19 BBL for Self Employed.

Hello there, @Snowling1.

 

You're on the right track in putting it under Personal income. I can guide you on how to do it.

 

  1. Click Transactions menu.
  2. On the Transactions page, select Add transaction.
  3. Fill out the necessary information, then select Personal under the Type column.
  4. In the Category column, select Income from the list of categories.
  5. Click Save once finished.

Once you start paying for the loan, you can record the repayment under  Repayments of loans/Overdrafts. Then, the interest amount can be put under Interest on bank and other loans. You can read through this article for more detailed information about the different available categories: About SA103F Categories.

 

Lastly, I'd recommend consulting with an accountant so you'd be assisted properly when tracking and claiming deductions for your income and expense transactions.

 

Get back to us here if you have other questions or concerns. I'm always here to help.

View solution in original post

3 REPLIES 3
EmmaM
QuickBooks Team

Covid-19 BBL for Self Employed.

Hello Snowling1, How are you accessing the QuickBooks? Do you mean you do not see the option to mark as personal?

Snowling1
Level 1

Covid-19 BBL for Self Employed.

Thank you for getting back in touch, so I have to make it as a 'personal' income rather than business, even though its for the business?  Is that correct.  Many thanks. Kim

 

IamjuViel
QuickBooks Team

Covid-19 BBL for Self Employed.

Hello there, @Snowling1.

 

You're on the right track in putting it under Personal income. I can guide you on how to do it.

 

  1. Click Transactions menu.
  2. On the Transactions page, select Add transaction.
  3. Fill out the necessary information, then select Personal under the Type column.
  4. In the Category column, select Income from the list of categories.
  5. Click Save once finished.

Once you start paying for the loan, you can record the repayment under  Repayments of loans/Overdrafts. Then, the interest amount can be put under Interest on bank and other loans. You can read through this article for more detailed information about the different available categories: About SA103F Categories.

 

Lastly, I'd recommend consulting with an accountant so you'd be assisted properly when tracking and claiming deductions for your income and expense transactions.

 

Get back to us here if you have other questions or concerns. I'm always here to help.

View solution in original post

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