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JHLLYWD
Level 1

Recording an EIDL Loan

I received an EIDL Loan from the SBA that was deposited into my bank and automatically imported into QBO.  What is the category that the loan should be recorded with? Would I still do a journal entry from Long Term Liability to the bank account if the deposit is already recorded? Also note that the loan amount is not the same as the deposit amount.  SBA deducts a UCC handling charge prior to depositing it.  Would that throw a journal entry off?

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Best answer June 27, 2020

Best Answers
john-pero
Community Champion

Recording an EIDL Loan

You do not need a journal entry.simy open the depost to edit. Enter the full lozn amount against a long tefm liability you add or added for this loan. Then enter z line item for a negative $100 for the fee postinv to amortizable  loan fee expense. This UCC fee , as I understand loans, cannot be a current expense but is smortized over the 30 years of the loan. I could be wrong and I will defer to my own CPA regarding ours but for now post it loan expense.

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1 Comment
john-pero
Community Champion

Recording an EIDL Loan

You do not need a journal entry.simy open the depost to edit. Enter the full lozn amount against a long tefm liability you add or added for this loan. Then enter z line item for a negative $100 for the fee postinv to amortizable  loan fee expense. This UCC fee , as I understand loans, cannot be a current expense but is smortized over the 30 years of the loan. I could be wrong and I will defer to my own CPA regarding ours but for now post it loan expense.

View solution in original post

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