cancel
Showing results for 
Search instead for 
Did you mean: 
sonya3
Level 2

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

 
Solved
Best answer July 08, 2020

Best Answers
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

Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.

Need to get in touch?

Contact us