I appreciate you contacting the Community for support. I can show you how to add a new Other Income account.
It just takes a few steps to get this done. Here's how:
1. Click the Accounting tab in the left navigation bar.
2. Select Chart of Accounts.
3. Choose the green New button in the top right corner.
4. Select Other Income from the Account Type drop-down.
5. Choose the Detail Type and enter a Name for the account.
6. Click Save and Close.
This link will take you to a YouTube video that offers assistance on understanding the Chart of Accounts in QuickBooks Online: https://www.youtube.com/watch?v=lUjlejdeSO4.
I wish you and your business continued success. Feel free to leave a comment below if you have any other questions.
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?
I'll handle this query for you.
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.
Glad to see you in the Community space, TMI1230.
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.
I'm also adding these articles to help prepare for Paycheck Protection Program loan forgiveness:
If I can be of any additional assistance, please don't hesitate to leave a comment below. Have a safe and productive week ahead.
the steps you gave do not work, I'm presented with limited options in the "other Income" category and non can be selected under the drop down "New"
all I want is to show on my P&L statement is "non taxable PPP loan forgiveness" under the "other income" section, but it wont let me. I thought QB was supposed to be the best.
Was this ever solved? Looking to setup an extra ordinary income/expense account.
Does anyone know any reasonably priced accounting software that is actually consistent with IFRS/GAAP reporting standards? This one doesn't seem to be.
Click the Accounting tab in the left navigation bar.
Select Chart of Accounts.
Choose the green New button in the top right corner.
Select Other Income from the Account Type drop-down.
Choose the Detail Type and enter a Name for the account.
Click Save and Close