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sonya3
Level 2

Does anyone know how to Input the EIDL advance in QBO?

 
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Best answer July 08, 2020

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Rustler
Level 15

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

View solution in original post

1 Comment 1
Rustler
Level 15

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

View solution in original post

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