Yes, you're right, @JayrardsJava
To get off the PPP loan or record the forgiveness, you'll have to create a journal entry. I'd recommend reaching out to your accountant to determine which accounts to use. If you don't have one, you can visit the ProAdvisor site to run a search.
Here's how to create a journal entry:
- Click +New and select Journal entry.
- On the first line, select an account from the Account field.
- On the next line, select the other account you're moving money to or from.
- Make sure your debit and credit amounts are in balance.
- Enter information in the memo section so you'd know why you made the journal entry.
- Select Save and new or Save and close.
I’m also adding this guide that covers all the information about loan forgiveness: Paycheck Protection Program.
You're always welcome to post here anytime you have other concerns. Our door is always open to help you.
