QuickBooks Self Employed Economic Impact Payments

Let me share details about reporting forgivable or non-forgivable economic impact payments in QuickBooks Self-Employed (QBSE), @vhinds. This way, you'll be guided on the actions you need to take care of this matter.

Currently, there isn't an option to report forgivable or non-forgivable economic impact payments in QBSE. With this, you can either contact our Paycheck Protection Program Support (Chat), consult your accountant, or verify directly with the IRS. This way, you're able to know the proper way in handling the economic impact payments.

In the meantime, I'm adding these articles to learn more about the economic impact payments. Both answers the most frequently asked questions about the said topic:

• What you need to know about economic impact payments
• Paycheck Protection Program

Let me know in the comments below if you have other taxes or economic impact payments concerns. I'm just around to help. Take care always.

Thank you for the resources. However, the EIC money (state funds) that my client's business received is forgivable. There are limitations to the categories QB SE provides. I was wondering if there was a way to tag or an alternative way to categorize the transaction to record it correctly on their P&L.

Thanks for coming back, vhinds.

When receiving the loan, we can track it as income under the Business category.  Here's how:

1. Go to the Transaction menu and select Add Transaction.
2. Enter the amount and a description.
3. Select the Select a category menu. Choose Income under the Business category to organize your transaction. Learn more about categories.
4. When you’re done, press Save.

To learn more about this one, see the Manually add transactions in QuickBooks Self-Employed article. However, if you need to pay the loan, we need to base it on the categories as posted in the Updates to expense categories in QuickBooks Self-Employed article.

We also suggest contacting your accountant fr more details on how to best handle economic impact payments in QuickBooks Self-Employed (QBSE). Feel free to visit our Taxes page for more insights about managing your taxes in QuickBooks. 

I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Just reply to this post and I'll get back to you. You have a good one.