It appears "Other Income" is above or below sales. I am looking to add from the PPP Forgiveness, an "ExtraOrdinary Income" line below the bottom line after Net Income. Then have a line "Net Income After ExtraOrdinary Non Taxable Income". What are others looking to do to post the offset to the PPP Loan when it is forgiven and is Non Taxable Income?
This specific option you stated above is unavailable in QuickBooks Online (QBO) at this time. I can see how this would help in tracking your PPP loans. With that said, I'll keep what you stated in mind.
Open this page for a list of new features that are released each month, along with their short classifications: The QuickBooks Blog. Examples of such features last month are QuickBooks Cash, and the option to backdate paychecks in QuickBooks Online Payroll.
Let me know if you have other questions. Place them below, and I'll be sure to get back to you.
I'm here to share some information about the accounts in QuickBooks.
The extraordinary income account is currently unavailable in QuickBooks Desktop. I can understand how this can be helpful in tracking your PPP loan forgiveness. Rest assured, I'll take note of your ideas and suggestion to help improve your experience in the program.
In the meantime, you'll want to consider using the Other income to identify the forgiven loan. Here's how to set it up:
Go to the Lists menu.
Choose Chart of Accounts.
Select New from the Account drop-down menu.
Choose Other Income from theOther Account Types drop-down menu.
Enter the account name and other necessary information.
Click Save and Close.
I'm also adding these articles to help prepare for Paycheck Protection Program loan forgiveness: