I added the EIDL funds to my QB back in July 21 but I did it WRONG. I have only entered 2 (bulk) payments since that time but did not split them out w/principal and interest. So they too, are WRONG. Would it be best that I delete my prior entries and start over?
Great video. I have a question. I was guided to set us a subsidiary account under my primary bank account and now I don't really see how to reconcile. Do you have some hints? I recorded checks in the edil subsidiary account, but they (of course) do not show up when I am reconciling with my statement. I searched your site, but did not find anything. Thanks
I’m not sure why you would set up a subsidiary account under your bank account? Maybe the bank as the main account and the various accounts you have at that bank as subs. But if you have one account there I wouldn’t do that? Your best bet may be to merge the sub and main account if it’s really one account.
Hi, tried to find the video u mentioned about how to record the GRANT part of the EIDL loan. since its a grant, no need to pay it back, idk how to record it. thanks for your videos
Hi thank you for your videos. I have been using quickbooks for a while but i do everything on my own. Is been until this couple yaleara that i been watching your videos that help me a lot. Do you offer course or something i can look in to. Even though i have been usinh quickbooks for many years i still consider a beginner.
After adding the SBA loan to savings how do I show the funds we use in quickbooks? For example getting a cashier check from the loan? Do I just write a check from savings for the amount assuming it wasn't transferred to checking. Do I just click start loan and in the account type click what is was for just like a normal transaction? When transferring do I ho into banking, transfer funds from sba or just click from savings? Even though its in savings does it make a difference if I click transfer from state or saving because thats where the loan was deposited. Will that keep track of the amount taken from the loan separately in chart of accounts. Do I need to put anything in journal entry for the sba loan?
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Great video. Your EIDL Loan, Grant, and PPP videos were very helpful. Thank you! I have to record payments made by the SBA on my SBA Auto Loan. They made 6 months of payments during the pandemic and I'm not certain how to record this on my books. Would I just adjust the owed balance? I'd love to hear your take on this. Thank you!
@ Gotcha. I don't believe they have come out with IRS guidance on this yet (not that I have seen at least). These payments may be considered income to you. What I would do for now is record this via journal entry where you debit the loan balance for the principal, debit the interest expense, then credit an Other Income account called EIDL SBA Payments or something like that. If its determined later that this is not considered income then you can adjust it out of Other Income
Received Covid EIDL in 2020 and now balance sheet showing loan to member (CPA) to get accounts to balance, Never has been a loan made to member. Something is categorized wrong. Any Ideas?
Good afternoon. A couple of things. 1). Followed directions, but the loan amount 150,000 does not show up on my balance sheet. 2). I noticed your chart of accounts, all accounts are positive numbers; mine all are negative. Please help explain. Thank you.
I'd have to understand how you recorded it. Did you record it to a liability account and was the date correct, including the date range of the balance sheet? Which accounts on your COA are negative? Liabilities?
@@QbuniversityOrg Thank you for such a quick response. I've double checked dates. Those are correct- including date range. I should have been specific: The negative accounts are my Long Term Liabilities.
Florence Wilson I’m not sure on the first part. You’ll have to go in and see what accounts you recorded it to. When you pull up a balance sheet are the liabilities negative?
@@QbuniversityOrg The loan amount does appear as deposit in checking account...I was looking for a line item showing the loan $$. Sorry. The balance sheet liabilities are positive.
Florence Wilson so if the loan shows as a deposit, which it should, what’s the other side of the transaction. What account did you code it to? It should be the liability. Generally on a single column chart of accounts liabilities will show negative. Since yours are positive on the BS it should be fine
Scott Mancini Not specifically for payments to an EIDL loan, but I do have videos on how to break out payments to a regular loan. The process is exactly the same.
Scott Mancini well you pay it from your checking account, and then you will split the payments down below between the EIDL loan account and interest expense.
Super helpful! Appreciate that you're doing Desktop videos which are rare. You mentioned that you have or will have videos on when you start making payments. Wasn't able to find them in your collection of videos. Could you point me in the right direction?
Right now I have basic videos on making loan payments and splitting the payment between principal and interest. You would have to search on my channel for those. But the same steps would apply to paying the EIDL loan also
@@QbuniversityOrg hi can u tell me why it dosnt show on profit and loss I want to make sure I did it proper Do I give my acct profit and loss or balance sheet
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Please share how to make payment to EIDL loan for QB desktop. Thank you!!
I added the EIDL funds to my QB back in July 21 but I did it WRONG. I have only entered 2 (bulk) payments since that time but did not split them out w/principal and interest. So they too, are WRONG. Would it be best that I delete my prior entries and start over?
I would just do a journal entry to correct the mistake
Great video. I have a question. I was guided to set us a subsidiary account under my primary bank account and now I don't really see how to reconcile. Do you have some hints? I recorded checks in the edil subsidiary account, but they (of course) do not show up when I am reconciling with my statement. I searched your site, but did not find anything. Thanks
I’m not sure why you would set up a subsidiary account under your bank account? Maybe the bank as the main account and the various accounts you have at that bank as subs. But if you have one account there I wouldn’t do that? Your best bet may be to merge the sub and main account if it’s really one account.
@@QbuniversityOrg Thank you. I will follow your lead and re-do what I have. Is there a short cut to merging, or I should just start from scratch?
Hi, tried to find the video u mentioned about how to record the GRANT part of the EIDL loan. since its a grant, no need to pay it back, idk how to record it. thanks for your videos
Record it as Other Income. Then on the tax return make sure it shows as nontaxable other income
@@QbuniversityOrg ok. I’ll try 😂
Hi thank you for your videos. I have been using quickbooks for a while but i do everything on my own. Is been until this couple yaleara that i been watching your videos that help me a lot. Do you offer course or something i can look in to. Even though i have been usinh quickbooks for many years i still consider a beginner.
Sure thing. You can find my course at qbuniversity.org. Thanks!
After adding the SBA loan to savings how do I show the funds we use in quickbooks? For example getting a cashier check from the loan? Do I just write a check from savings for the amount assuming it wasn't transferred to checking. Do I just click start loan and in the account type click what is was for just like a normal transaction? When transferring do I ho into banking, transfer funds from sba or just click from savings? Even though its in savings does it make a difference if I click transfer from state or saving because thats where the loan was deposited. Will that keep track of the amount taken from the loan separately in chart of accounts.
Do I need to put anything in journal entry for the sba loan?
Great video. Your EIDL Loan, Grant, and PPP videos were very helpful. Thank you! I have to record payments made by the SBA on my SBA Auto Loan. They made 6 months of payments during the pandemic and I'm not certain how to record this on my books. Would I just adjust the owed balance? I'd love to hear your take on this. Thank you!
Amazing Maids thanks! What did they say about the payments. Are they making them so your balance goes down or are they just adding them to principal?
@ Gotcha. I don't believe they have come out with IRS guidance on this yet (not that I have seen at least). These payments may be considered income to you. What I would do for now is record this via journal entry where you debit the loan balance for the principal, debit the interest expense, then credit an Other Income account called EIDL SBA Payments or something like that. If its determined later that this is not considered income then you can adjust it out of Other Income
Thank you for your information, I was wondering, do you only teach desktop QB? I only use QB Online.
Nope I have the same video for QBO coming next!!
Received Covid EIDL in 2020 and now balance sheet showing loan to member (CPA) to get accounts to balance, Never has been a loan made to member. Something is categorized wrong. Any Ideas?
Is this a plug or something the CPA entered? If so I would ask them but it it most likely because the owner took out too much is Owner Distributions
Hi, can you do a video on how to process an employee loan that will be deducted from his paycheck weekly through our payroll company, please
I’ll have to do that!
So when I pull up profit and loss it dosnt show for my accountant or do I give balance sheet
It’s on the balance sheet
@@QbuniversityOrg so it won't show on profit and loss, but which do I give to my accountant, who is ty so much
@@wendyflorence6379 you should give your accountant both a PL and a BS
@@QbuniversityOrg thank you
Does this loan make it look like a loss in ur PL
How would you record the $100 fee taken out of the loan deposit for filing fees?
Record the full amount of the loan as a deposit then put a line under it with a -$100 entry and put it to Bank Charges
@@QbuniversityOrg Thanks so much for the reply and video. Very helpful!
Good afternoon. A couple of things. 1). Followed directions, but the loan amount 150,000 does not show up on my balance sheet. 2). I noticed your chart of accounts, all accounts are positive numbers; mine all are negative. Please help explain. Thank you.
I'd have to understand how you recorded it. Did you record it to a liability account and was the date correct, including the date range of the balance sheet? Which accounts on your COA are negative? Liabilities?
@@QbuniversityOrg Thank you for such a quick response. I've double checked dates. Those are correct- including date range. I should have been specific: The negative accounts are my Long Term Liabilities.
Florence Wilson I’m not sure on the first part. You’ll have to go in and see what accounts you recorded it to. When you pull up a balance sheet are the liabilities negative?
@@QbuniversityOrg The loan amount does appear as deposit in checking account...I was looking for a line item showing the loan $$. Sorry. The balance sheet liabilities are positive.
Florence Wilson so if the loan shows as a deposit, which it should, what’s the other side of the transaction. What account did you code it to? It should be the liability. Generally on a single column chart of accounts liabilities will show negative. Since yours are positive on the BS it should be fine
Hello, can you please show me your video on how to enter the Daily Interest charged for the EIDL Loan in Quickbooks? Thanks!
Johnny Salcedo I will have to put one together. Thanks!
Feel free to leave a comment or question here!
Do you have a video on how to make payments to EIDL loan on Quickbooks desktop - i can't find it on your page
Scott Mancini Not specifically for payments to an EIDL loan, but I do have videos on how to break out payments to a regular loan. The process is exactly the same.
@@QbuniversityOrg I understand how to make regular payments. So i will make the payee SBA but from what account? is it EIDL loan?
Scott Mancini well you pay it from your checking account, and then you will split the payments down below between the EIDL loan account and interest expense.
Super helpful! Appreciate that you're doing Desktop videos which are rare. You mentioned that you have or will have videos on when you start making payments. Wasn't able to find them in your collection of videos. Could you point me in the right direction?
Right now I have basic videos on making loan payments and splitting the payment between principal and interest. You would have to search on my channel for those. But the same steps would apply to paying the EIDL loan also
@@QbuniversityOrg hi can u tell me why it dosnt show on profit and loss I want to make sure I did it proper
Do I give my acct profit and loss or balance sheet
@@wendyflorence6379 balance sheet
Thank you for the video! It was simple, straightforward and just what I needed.
You’re welcome!
This was an tremendous help!!! Thank You
You’re welcome!
Thank you!
you're welcome!
Thank you so much!!
Jamie Hulet you’re welcome!