Recording personal expenses in quickbooks

RECORDING PERSONAL EXPENSES IN QUICKBOOKS HOW TO

I know this answer may not directly address your question but that's because there are a number of factors involved and it isn't straightforward. Depending on how you are planning to track PPP expenses will determine how you record in QB the expenses that are ineligible for forgiveness. You can run a Payroll Summary report to find out the total of the employer FICA and FUTA expenses. However since the employer FICA and FUTA are not eligible for forgiveness you will need to back out those expenses from your Payroll Calculations (if you are manually tracking expenses). State Unemployment).Р В РІР‚СњР вЂ™Р’В«y default QB assigns company-paid payroll taxes to the Profit and Loss Statement (often under the 'Payroll Taxes' or 'Payroll Expenses' category). The expenses you are interested in for payroll loan forgiveness are the Gross wages as well as the any state or local taxes that the company pays (i.e. If you need assistance with this process, visit with one of our QuickBooks Experts at (888) 388-1040.If you are using the QuickBooks Payroll service then you won't have to worry about the employee withholdings because QB keeps those taxes as a liability on the Balance Sheet until they are paid. Payroll Costs, Rent, Utilities, Mortgage Interest)Р В РІР‚СњР вЂ™Р’В¬reate a journal entry to debit the PPP Loan account for the amount forgiven, and credit the new PPP Loan Forgiveness account or sub-account for the amount of expenses to total the forgiven amount.

If you would like the expenses detailed, repeat those five steps to create sub-accounts under PPP Loan Forgiveness (i.e.

Enter a name for the account, like Р В Р вЂ Р В РІР‚С™Р РЋРЎв„ўPPP Loan ForgivenessР В Р вЂ Р В РІР‚С™Р РЋРЎС™.

Select Other Account Types, then choose Other Income.

6) Create a new account to record the use of the PPP loan funds.

Go to Company, then Make Journal EntriesР В РІР‚СњР В РІР‚С›fter your lender determines how much of the loan is forgiven, you can transfer the forgiven amount.

The PPP Loan Funds sub-account will show how much of the funds remain.

These amounts can be obtained from a Payroll Summary report. The transfer amount used for payroll will be for the allowable expenses only (gross wages including vacation and sick time, employer retirement plan contribution, employer health insurance premiums paid). Or you can snap a photo with your phone using the QuickBooks Online mobile app to document the money spent. You can create a record on the site itself. Note in the memo what the transfer is for. QuickBooks Online provides two ways to enter expenses. 5) Create a journal entry.Р В РІР‚СњР В РІР‚С›fter paying an eligible expense using PPP loan funds, enter a journal entry to transfer the amount from the PPP Loan Funds sub-account to the regular bank account.

Enter the amount received in the Amount columnР В РІР‚СњР вЂ™Р’В¤) Pay your expenses from the bank account as you normally would.

In the From Account column, choose the loan account created.

Change the Deposit To account to the new bank sub-account.

Select Banking, then select Make Deposit.

Enter a name for the account, like Р В Р вЂ Р В РІР‚С™Р РЋРЎв„ўPPP LoanР В Р вЂ Р В РІР‚С™Р РЋРЎС™.Select Other Account Types, then select Long Term Liability.Click Sub-account of and choose the bank account from the drop downР В РІР‚СњР РЋРЎвЂє) Create a new loan account in the Chart of Accounts.Enter a name for the account, like Р В Р вЂ Р В РІР‚С™Р РЋРЎв„ўPPP Loan FundsР В Р вЂ Р В РІР‚С™Р РЋРЎС™.In the Chart of Accounts, select Account Р В Р вЂ Р Р†Р вЂљРІР‚СљР РЋР’В, then select New.1) Create a sub account to the bank account in the Chart of Accounts. To keep your financial reports consistent and comparable with the prior year, and since using classes may not be an available option for all QuickBooks users, we will present the following way of recording.

RECORDING PERSONAL EXPENSES IN QUICKBOOKS HOW TO

There are a few options in QuickBooks for how to record the funds received from the Paycheck Protection Program (PPP) loan and the expenses to which the funds are used. Recording a PPP Loan and Tracking Corresponding Expenses

Recording personal expenses in quickbooks