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Join nowcreate a liability account named for the loan, and use that account as the source account for the deposit
if at tax time the money is indeed tax free, do a journal entry
debit the loan liability account
credit an income account created under other income named tax free (EIDG) income
I’m so confused. What account do I set up to deposit the EIDL THE STIMULOUS DEPOSIT AND THE PUA FUNDS. I have to have an account from where it’s coming from? Please advise, I’m going crazy
Thanks for joining us here, Innovators.
I understand that you need to track the EIDL and PUA funds correctly. It's best to reach out to our Support Team so they can further assist you in setting it up.
If you can't see it, you can click this link instead: PPP Support. Also, you can visit the PPP Site for the latest information/update.
Keep on posting here if you need anything else. Take care!
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