Knowledgebase:
PPP Loan
Posted by Judy Grann on 22 February 2021 07:25 PM

Entering a PPP loan

1. Create a New Credit account for PPP
2. Do not put in any loan or balance, leave the add Account window blank with just an account name
3. Go to Modify Accounts
4. On the PPP Loan Account Click the New button choose Loan
5. Enter the date (no amount)
6. From the list below select the account the money was deposited into.
7. Enter the amount
8. Click done and save

Now if the amount was forgiven, the date it was forgiven, you will reconcile the account, put the balance to zero and make the adjustment for the full amount of the loan.
The adjustment will auto date today, but you can select it in the list and change it to the date it was forgiven.

If you receive another PPP Loan, you can add the loan similar to above. If it is forgiven and when you can do the same, if not forgiven then you can make payments to this account and Add in the interest expense to the account under add expenses.

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