How to add and track PPP Loans in QuickBooks

If you are looking for some guidance with adding and tracking your PPP (Paycheck Protection Program) Loan, here are some ideas for you.

How to enter the Loan/ Funds
How to Track expenses using Classes
How to Track expenses in the Bank Account
Reports for both Payroll and Expenses
How to you enter the details if any of the loan is forgiven.
How to enter payments on the loan balance.

If you received an EIDL (Economic Injury Disaster Loan) ways you can enter these transactions.

Excel Spreadsheet Resource: https://youtu.be/tAX_PAQp3hA

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-----Timestamps:----- PPP Loan

0:00 - Intro/Thought of the day

Desktop version

3:13 - 2 main ways to track utilities & rent
4:15 - Classes

Don't try to jump into tracking expenses before you've tracked depositing the money in your QuickBooks

6:40 - Setup the loan
8:38 - Make a deposit
10:50 - Balance Sheet
11:22 - Setup Classes
13:05 - Paying expenses/Tracking how we spend money we received
14:40 - Profit & Loss by Class Report
17:04 - Classes for paying employees
21:02 - Q&A - PPP does not cover everything
24:08 - Setup Sub-bank account
25:09 - Make Deposit
25:55 - Write Check/Payroll check
27:02 - Transaction Detail by Account
29:00 - Can you add classes at any time?

Online Version - 30:10

30:42 - Setup Classes
31:59 - Bank Feed (Classes)
32:35 - Profit & Loss by Class Report
34:09 - Setup a bank account
34:30 - Example (Online vs. Desktop)
36:31 - EIDL/P&L
42:17 - How would you clear PPP loan from the balance sheet? - Ann
43:54 - Setup Accounts (Chart of Accounts)
44:45 - How do you add class to imported payroll items when you use a payroll service? - Diane
48:07 - How did you set up the sub-account from checking the chart of accounts on QBO for the funds/relief fund? - Lovelyn
48:38 - My employees are working but not 40 hours - should I run 2 payrolls one for PPP hours and one for regular worked hours - or all PPP hours - Pam
49:30 - How do you assign it a 'number' (desktop version) when you are in the chart of accounts set up the long-term liability? - Debbie
50:09 - Can you help with my PPP Loan entry? My money was deposited in a separate checking account and I'm going to move money over to my QB checking as I use it. - Cindy
51:08 - Can you add classes by row in Desktop? - John
52:08 - All of the payroll gross wages during your loan period are to be paid using PPP funds. - Diane
53:18 - How can we use PPP Loan for a class on a bill if we already are using other classes for them?
57:10 - EIDL can pay interest, but the interest portion is not known at time of payment. How do you suggest to handle? - Darlene
59:49 - Benefit of Class
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Видео How to add and track PPP Loans in QuickBooks канала Candus Kampfer