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C
cloons2244
September 7, 2020
Question

Can someone please tell me how to record SBA loan payments that are being paid(on an existing loan) for 6 months. How do I enter the 6 months worth of payments in QBO?

  • September 7, 2020
  • 1 reply
  • 0 views
Interest and principal are "being paid/forgiven" through the loan

    1 reply

    Rustler
    Rustler
    September 8, 2020

    paid/forgiven mean too different things, which is it?

     

    If you are paying the loan, make the payment and use the loan liability account as the expense (reason) for the payment

     

    the next month when you get the statement it will show you how much of the last payment was interest, at that time do a journal entry

    debit interest expense, credit the loan for that amount, back date the journal entry to last months entry.  Make a new payment

    M
    muenstermann
    March 28, 2021

    That is not the request. The SBA has been paying existing SBA loans during COVID. You cannot track how these loans are being paid as you do not have a SBA Covid Account in QBO. So you cannot create a way of receiving the money. Therefore the loan never decreases in value. QBO has not come up with a single working process yet. And for those of us who have tried the recommendations by so-called experts are now stuck with a accounting mess.

     

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