You cannot set up a bank type account as a loan, call it what you will however it’s miles still dealt with as an asset. You have to learn how to make entries, the work flow is and continually has been, make entries, down load banking, match. This should to be a liability account; a CC card kind account can even work. In this blog we are explaining how to set QuickBooks PPP loan account.
Follow the steps to set up QB PPP loan account:
QuickBooks PPP Loan Account Setup-
You can use the QuickBooks Desktop Loan Manager that will help you tune the PPP mortgage. Before you set up the money owed for the loan manager, you’ll want to make sure you have got a liability, vendor, and fee account set up for the loan. Then, you can set up an escrow account for the part of the mortgage it really is managed by using a third-party. Here’s how:
- Go to the Lists menu and select Chart of Accounts.
- Hit the Account drop-down, then push New.
- Choose Other Account Types, after which Other Current Assets.
- Press Continue and input the account name.
- Click Save and Close.
Next, you’ll want to record and track your loans by following these steps:
- Navigate to the Banking menu and select Loan Manager.
- Press Add a Loan.
- Enter the account information for the loan (Account Name, Lender, Origination Date, Original Amount, and Term), then when you are ready, hit Next.
- Insert the loan’s payment info (Due Date of Next Payment, Payment Amount, and Next Payment Number) and push Next.
- Enter the interest data (Interest Rate, Compounding Period, Payment Amount, Interest Expense Account, and Fees/Charges Expense Account) and select Finish when you’re done.
Our Support:
This was all about How to Set up QuickBooks PPP Loan Account Setup. For any further assistance related to QuickBooks PPP Loan, don’t hesitate to connect with our QuickBooks technical support team at +1-800-916-4623. The team carrying years of experience are there available 24*7 to tackle your all queries instantly or you can also connect with us through Quickbooks live chat support team.
Related article:
How to Prepare for QuickBooks Paycheck Protection Program?
How to Apply for the Payroll Protection Program in QuickBooks?
How to Track Paid Leave and Sick Time for the Coronavirus in QuickBooks?