We were approved for a payroll protection program loan. The loan was just deposited into our bank account. How does it need to be entered into QB?

Thanks for joining the Community, @nicole-kmelectri.

You can record the PPP loan in QuickBooks Desktop using the Loan Manager feature. This will allow you to track and set up liability, vendor, and expense accounts for the loan. First, you'll want to set up an escrow account for the portion of the loan that's managed by your third-party lender. The steps below will show you how:

1. Click on the Lists tab and choose Chart of Accounts.
2. Select the Account drop-down and press New.
3. Pick Other Account Types, and then Other Current Assets.
4. Hit Continue and enter an account name.
5. Push Save and Close.

Next, you can record and track the loan. Here's how:

1. Go to the Banking tab and press the Loan Manager.
2. Hit Add a Loan.
3. Enter the account info for the loan (Account Name, Lender, Origination Date, Origination Amount, and Term).
4. Insert the loan's payment info (Due Date of Next Payment, Payment Amount, and Next Payment Number) and click Next.
5. Enter the interest info (Interest Rate, Compounding Period, Payment Amount, Interest Expense Account, and Fees/Charges Expense Account) and select Finish when you're done.

Now you'll be able to keep track of your PPP loan in QuickBooks. You can check out this article for more information: QuickBooks Loan Manager.

I'm only a post away if you have any other questions. Wishing you continued business success now and in the future.