Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

My business has an outstanding loan that was recently forgiven by the lender. How do I record this correctly?

 
Solved
Best answer October 15, 2018

Best Answers
Level 15

My business has an outstanding loan that was recently forgiven by the lender. How do I record this correctly?

Almost all loans in the US, that are forgiven, are income to you.  Assuming you have the loan in a liability account, do a journal entry

debit loan
credit income

Check with a tax accountant, there are some mortgage's that are included in the above, and he would know for sure

View solution in original post

2 Comments
Level 15

My business has an outstanding loan that was recently forgiven by the lender. How do I record this correctly?

Almost all loans in the US, that are forgiven, are income to you.  Assuming you have the loan in a liability account, do a journal entry

debit loan
credit income

Check with a tax accountant, there are some mortgage's that are included in the above, and he would know for sure

View solution in original post

Level 2

My business has an outstanding loan that was recently forgiven by the lender. How do I record this correctly?

This worked out great to cancel a loan on my client's account.  Thank you.

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us