Best way to Move PPP Loan from Business Checking to new checking account in QBO
Looking for the best way to do this in QBO. We received our PPP loan Deposit in our Business Checking Account on Monday 5/4, it is currently not reviewed or allocated in quickbooks online. Finally today our bank opened a separate checking account for these funds to help create an audit trail for forgiveness. I transferred the funds in our bank (PNC) from our main checking account to the PPP Checking account. What is the best process to record this properly in Quickbooks.
So far I have created a Long Term Liability Account called PPP Loan. My thought was to create a Deposit of the loan funds in the new PPP Checking Account. However, would this cause a problem with reconciliation since the funds were first deposited in our main checking account and then transferred to the new PPP account? Does this need to be accounted for or can I just continue with my plan of creating a new Deposit into the PPP Checking account?