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Thank you for your help!
how do i enter my PPP deposet into general deposits
Thanks for posting to the Community, @mwsje.
You can create a liability account titled PPP loan and use that as the source account for the deposit.
Later you'll have to pay it back as with any other loan, or it will be forgiven.
If it is forgiven, you can use a journal entry to debit the loan and credit income for the amount in the loan account, as VPcontroller and Rustler recommended in this thread found on page 1 through this conversation.
In time that you'll need a guide in reconciling your account, you can refer to this article: Reconcile an account in QuickBooks Online.
Also, I'll add this article as your reference on how to review and download your Average Monthly Qualified Payroll Cost Report: Get the correct payroll report to help you apply for a loan under the Paycheck Protection Program.
Feel free to place a comment if you have more questions in mind. I'll turn back to you anytime. Stay safe and well!
I have QB Desktop Pro 2020
I created a liability account PPP and enter X amount as the initial balance.
I created a deposit in my bank account register with X amount FROM ACCOUNT PPP.
Now, the balance of PPP is 2X.
Could you tell me which step I got it wrong?
Hi zipswich. I believe what happened in your situation was the transfer from the Liability account to the bank account doubled the beginning balance you initially entered. The easiest way to fix this issue would be to delete the transaction and recreate the account fresh with a 0 beginning balance. If this helps leave a reply below I always like to hear back.If not, I highly recommend to reach out to our phone support team by following these quick steps:
You'll receive a callback from a QuickBooks Agent as soon as there is one available. Have a great rest of your day.
Thanks a lot, Steve.
I am unable to delete the account, but I have made it inactive. I created a new account per your suggestion and everything looks good now. Hope the inactive PPP account will not make any troubles in the future.
i clicked deposit, selected my bank account from the drop down and then recorded to PPP - SBA Loan (as my ledger account)
Thanks Everyone for the help !
@ZackE wrote:Hello, FrankieC. You've come to the right place. The Community is here to help.
Funds can be transferred between all balance sheet accounts, such as assets, liabilities, and owner's equity. Money transferred from an operating account to a payroll account can be easily recognized and tracked in your bank register where you'll be able to see all of the transfers you've made between different accounts.
To record payroll liabilities, you can use either an expense or liability account when creating the journal entry. If an expense account is used, there's no need to write checks. However, if you use a liability account, you'll need to write checks. You can use this resource for steps on how to record the payroll liability for the PPP loan you received: Record payroll transactions manually
Additionally, here's a helpful feature on our website where you can calculate the Paycheck Protection Program loan forgiveness: Intuit Aid Assist
I'll be here to help if you have any questions so please don't hesitate to reach out anytime. Have a wonderful day!
Hi. I couldn't download your pdf file. Can you posted again. Thanks
I entered the 2 new accounts to my chart of accounts. Neither process allowed me to enter a balance.
What next?
Deposits are typically payments for invoices. Where do I make the deposit to establish an amount in the liability account?
When I disperse from that account (I have 2 simple payroll distributions) what entries do I make?
Welcome to this conversation, @jrmorrowjr. I'd be glad to help you with your first post.
I've got you some steps on how to set up a liability account to track your PPP loan in QuickBooks Online. Here's how:
Then, create a journal entry to deposit that loan money into your bank account. Here's how:
When you're ready to pay back your loan, you can follow Step 3: Record a loan payment outlined in this help article for your future reference: Set up a loan in QuickBooks Online.
Let me know if there's anything else you need help with. I'd be happy to assist.
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