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Care Act PPP Loan Forgiveness
Posted: Thu Mar 11, 2021 10:28 am
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.
Re: Care Act PPP Loan Forgiveness
Posted: Thu Mar 11, 2021 2:41 pm
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.
Re: Care Act PPP Loan Forgiveness
Posted: Thu Mar 11, 2021 5:03 pm
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.