Recording PPP Loan Forgiveness in QuickBooks: Common Mistakes to Avoid | |
Many QuickBooks users make mistakes when recording PPP loan forgiveness. A common error is failing to remove the liability properly, leaving false debt in the books. Another mistake is misclassifying the forgiven amount, which could create tax or compliance issues. The correct process involves creating a journal entry that debits the loan liability and credits an income account. QuickBooks makes this simple, but precision matters. Consulting with an accountant before finalizing ensures your entries are accurate, keeping your financial statements clean and reliable. | |
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