Thank you for your response, but I am wondering if the PPP check is deposited directly into my business checking account, how to I track/record the payments of forgiveness? Am I supposed to also create a loan-other liability for the PPP amount and track my payments there? Our payroll, utilities, all forgiveness expenses are paid out of our business checking account, not the loan.
Someone earlier had suggested that I create a bank account, as a sub account under our business checking. Which is what I did. As I pay eligible forgiveness expenses, I simply choose the sub account for payment. This has been great to track the forgiveness and see how much is remaining in the PPP sub account. However, I cannot reconcile my bank statement for May, now that I have created this sub account. Perhaps there is a way to do this now that I am down this path. Or I can go back and set this up the way it should be. Thank you!
