Buzy B
Level 2

FFCRA and CARES Acts including the PPP

Here is my step-by-step set up for the PPP Loan (Long Term Liability account), the Contra account (Short Term Liability account), and the deposit to your Operating Account. Should you have a separate Payroll Account, once the first three items are setup, you would just make a QBs  transfer from the Operating Account to the Payroll Account.