Review how to account for a Paycheck Protection Program (PPP) Loan
- Create a 2XXX series account number for the PPP loan and offset the receipt to the bank against that account.
- Go to utilities /setup and Groups. Create a Payment Group for the PPP loan. Use the same name you used on the GL account created in Step 1.
- When you enter your payments for the charges that meet the criteria for the loan, add the group name and offset against the GL account number created in step 1. (2XXX)
Be specific with remarks as well IE Rent: April/20 or Payroll PED April/ 17th/20.
By doing the above you can run a payment analysis report using the group name to show what expenses you have used the loan deposit against.