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Closet_Creations_Inc
Level 1

I received payroll protection program funding and want to know how to track the forgivable expenses.

 
1 Comment
Anna S
QuickBooks Team

I received payroll protection program funding and want to know how to track the forgivable expenses.

Nice to have you here in the Community, @Closet_Creations_Inc.

 

You can use the QuickBooks Desktop Loan Manager to help you track the forgivable expense. Before you set up the accounts for the loan manager, you'll want to make sure you have a liability, vendor, and expense account set up for the loan. Then, you can setup an escrow account for the portion of the loan that's managed by a third-party. Here's how:

 

  1. Navigate to the Lists menu and choose Chart of Accounts
  2. Press the Account drop-down, then hit New.
  3. Select Other Account Types, and then Other Current Assets.
  4. Push Continue and enter the account name.
  5. Click Save and Close

 

Next, you can record and track your loans by following these steps:

 

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

Now you can track your loan in QuickBooks. You may find this article helpful as well: QuickBooks Loan Manager.

 

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

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