Hi- We are a small business and received a PPP Loan. We use Quickbooks Enterprise Desktop. I am looking for help with setting up the loan in Quickbooks and making sure everything reflects properly on our company financials. Our PPP Loan funds have been received into a new bank account set up just for these funds. We are transferring the funds as needed to our checking account to cover payroll and other approved office expenses. I have the loan set up in Quickbooks as an "other current liability" and entered the full amount of funds received so the balance reflects appropriately in the bank account. Do I need to do anything further for this portion? Do I need to set up tracking for the expenses we are using these funds for? How do I make sure this is all reflecting properly on our company financials? As of right now the loan shows up on the balance sheet as a liability. Nothing shows up on the P&L which I believe is correct as this is not considered income at this time. However, do the funds I have transferred from the loan bank account to our checking account need to be on the P&L as income? And what do I do when the loan is forgiven? Does the forgiven amount need to reflect as income? Any help is greatly appreciated! I have been doing finance for many years but do not have an accounting background and have very little experience with loans so this is quite hard to understand.
