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Here's what my accountant said to do:
Please code to Miscellaneous Other Income.
It will show up on your financials as income. However, It is not taxable, so we will report as tax-exempt when we prepare your tax returns.
Pretty simple.
have you updated the system to correctly record the grant
Hi, @salon297.
The most common way to record grant in QuickBooks is to create a deposit. For proper accounting and tracking for your transaction, I recommend seeking assistance from your professional accountant. An accountant can share with your some strategies and process to record transactions that meet your business needs.
To record a deposit:
On the other hand, I also recommend visiting our blog to stay current with the latest QuickBooks news and feature updates. Here's the link: The QuickBooks Blog.
If you have any other questions about QuickBooks and recording grants, please let me know by adding a comment below. I'm always here to help. Keep safe!
how do you track the EIDL grant use?
Let's make sure you'll be able to track EIDL grant in QuickBooks, mignetic.
EIDL are advances that are similar to a grant. But this is without the typical requirements that come with a U.S. government grant. You may track them the same way as what you spend on other eligible operating expenses by recording expenses, checks, or bills as you normally do. Just make sure you're properly categorizing them. To do this, follow the steps outlined below:
Please read this article for more information: Track How You Use Your Paycheck Protection Loan. Moreover, you can run a report to see how much you're spending. To make sure you're able to filter the information, customize them to ensure it is showing the correct data. Customize Reports In QuickBooks Online.
Reach out to us if you have any questions about PPP. We'll be here to help.
Hi @MariaSoledadG - glad to see you are responding to people's questions. Unfortunately, there are some problems with your response.
Our accountant listed the EIDL funds as income and got us into a lot of trouble for that. What are you guys categorizing it as because it’s not income it’s a loan.? Please advise
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