FFCRA and CARES Acts including the PPP

I’m here to ensure this loan will properly be recorded, @sally412.

To record the loan we'll have to create a sub-account to the bank in the Chart of Accounts. Here's how:

1. Go to the Accountant menu, and then choose Chart of Accounts.
2. Click the Account drop-down arrow, and then select New.
3. Select the Bank radio button, and then click Continue.
4. Enter a name for the account, like “PPP Loan Funds”
5. Click Sub-account of and choose the bank account from the drop-down.
6. Select Save and Close.

Once done, create a new loan account in the Chart of Accounts. I'll guide you how:

1. In the Chart of Accounts, select the Account drop-down arrow.
2. Click New.
3. Select Other Account Types, then click Long Term Liability.
4. Click Continue.
5. Enter a name for the account.
6. Click Save and Close

Then, record the loan proceeds received:

1. Go to the Banking menu, and then select Make Deposits.
2. Change the Deposit To account to the new bank sub-account.
3. In the From Account column, choose the loan account created.
4. Enter the amount received in the Amount column.
5. Click Save and Close

For more information about PPP loan forgiveness, you can check this link: Paycheck Protection Program loan forgiveness.

Also, you can check these links if you have any more questions about the CARES Act:

• Paycheck Protection Program Information Sheet
• Coronavirus tax relief

Let me know if there's anything that I can help with. I'm always here to assist. Keep safe!