Care Act PPP Loan Forgiveness

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

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first134
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Joined: Tue Dec 09, 2014 11:30 am

Care Act PPP Loan Forgiveness

Post by first134 »

Our Care Act PPP Loan has been forgiven. How do I clear out our Care Act Loan Liability line item? I initially set it up as a DB to our checking account and a CR to the Care Act Liability line.

Zorak
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Re: Care Act PPP Loan Forgiveness

Post by Zorak »

You can do this by entering a transaction in Fund Accounting > Enter Transactions that debits the loan liability account and credits an income account.

NeilZ
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Re: Care Act PPP Loan Forgiveness

Post by NeilZ »

Just a note ...

You should CREDIT an income account that is not your normal Tithes and Offerings account, as adding this amount to that income will skew the amount and throw off your normal budget process. If you don't have a Miscellaneous Income account (normally a 4600- series account), create one so it will properly show the 'unbudgeted' income.
Neil Zampella

Using PC+ since 1999.

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