F EATURE ARTI CLE
HOW TO TRACK PAYCHECK PROTECTION PROGRAM FUNDS AND EXPENSES It’s not easy to navigate the changing tides of information on coronavirus relief loans such as the Paycheck Protection Program (PPP). But what do you do if you’ve received PPP funds? It’s essential to immediately start keeping detailed records of your expenses to avoid repaying the loan or any unused portions of it – even if the guidance around loan forgiveness is currently unclear. Keeping detailed track of expenses now will help you avoid future challenges. 26 | Official Publication of The Ohio Landscape Association
Following are some sound steps for recording Paycheck Protection Program (PPP) funds and expenses in QuickBooks Online. If you use another accounting system you’ll need to alter these steps accordingly.
SETUP THE PPP LOAN ACCOUNT ON YOUR CHART OF ACCOUNTS • This loan is a liability until it is determined how much of the loan will be forgiven. • It’s recommended the account be a “Long Term Liability.” continued on page 28
