Does anyone know how to Input the EIDL advance in QBO?
create 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 (covid) income
Does anyone know how to Input the EIDL advance in QBO?
create 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 (covid) income
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