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.

Timestamps reference below to help find the area you want.

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

Timestamps for this video:

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&Q – 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 the time of payment.  How do you suggest to handle? – Darlene

59:49 – Benefit of Class

In the comments let me know which way you will track your loans 👇

Have a great day!

Candus