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Join nowpaid/forgiven mean too different things, which is it?
If you are paying the loan, make the payment and use the loan liability account as the expense (reason) for the payment
the next month when you get the statement it will show you how much of the last payment was interest, at that time do a journal entry
debit interest expense, credit the loan for that amount, back date the journal entry to last months entry. Make a new payment
That is not the request. The SBA has been paying existing SBA loans during COVID. You cannot track how these loans are being paid as you do not have a SBA Covid Account in QBO. So you cannot create a way of receiving the money. Therefore the loan never decreases in value. QBO has not come up with a single working process yet. And for those of us who have tried the recommendations by so-called experts are now stuck with a accounting mess.
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