If you have taken the PPP Loan within the QuickBooks capital then it must be shown in your QuickBooks Bank section. For this, you have to do the setup at the time of creating the loan account in your QuickBooks Desktop. If you are creating the account then do follow the process mentioned below. If you have already created it but don’t know how to show it in the bank section then follow the set up of the bank section to get it done.
It is important to do as it helps you in managing and tracking the loan easily. The QuickBooks Loan Manager helps you in managing and tracking the Paycheck Protection Plan Loan easily. Below is the whole process to get it done in one go. Follow the steps to set up the QuickBooks Loan Manager and track your loan smoothly.
Steps for Creating the New Loan Account
This is for those who have not set up their PPP Loan account yet. So, the steps that you need to follow are:-
- First of all, open the QuickBooks software
- In the Lists Menu option, select the Chart of Accounts option from the list of options
- Now click on the drop-down arrow in the Account field and then select the New option to create the new account
- Select the option Other Account Types
- Then click on the Other Current Assets and click on the Continue button
- Enter the name of the account then click on button Save and Close.
For recording and tracking the PPP loan
- In this, You have to click on the Banking menu
- Then click on the Loan Manager
- After that, click on the Add a Loan
- Now enter the information for the Account that you created for the loan and you have to fill the fields that are:-
- Account Name
- Origination Date
- Original Amount
- Then to continue, you have to select the button named Next
- Enter the Loan Payment information and the fields are:-
- Due Date of Next Payment
- Payment Amount
- Next Payment Number
- Now click on the Next button to proceed further
- You have to fill the information related to the Interest and the fields are:-
- Interest Rate
- Compounding Period
- Payment Amount
- Interest Expense Account
- Fees/Charges Expense Account
- In the end, you have to hit the Finish button to close this process after completion.
After all this, your process is done for managing and tracking the loan and it is entered in the Bank section easily.
How to connect with accountinghub.co?
If you are facing any issues or have any queries then just dial the QuickBooks Paycheck Protection Plan number . The team is glad to help you as they are available 365 days a year. The members of the team have more experience to resolve all kinds of issues whether they are functional or technical. You can also reach the team by sending the email at firstname.lastname@example.org or do a QuickBooks live chat with experts.