How to Record an EIDL Loan in Quickbooks Desktop

The EIDL loan is separate from the PPP and is not forgivable, so it is a true loan that needs to be accounted for in Quickbooks. This video will walk you through how to set up your EIDL loan account as a long-term liability and how to record the deposit when you receive the money.

[sarahmiller]

Please share how to make payment to EIDL loan for QB desktop. Thank you!!

[wendyflorence]

So when I pull up profit and loss it dosnt show for my accountant or do I give balance sheet

[kristypramik]

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?

[menduca]

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

[trina]

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?

[sugandhaferroblack]

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

[beverlyherbin]

Thank you for the video! It was simple, straightforward and just what I needed.

[MarkELSWICK]

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?

[lydiasmith]

How would you record the $100 fee taken out of the loan deposit for filing fees?

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!

[florencewilson]

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.

[cmvalonso]

Thank you for your information, I was wondering, do you only teach desktop QB? I only use QB Online.

[abcruza]

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.

[adminfwg]

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

[mrosemusic]

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?

[marywilliams]

This was an tremendous help!!! Thank You

[Currambero]

Hello, can you please show me your video on how to enter the Daily Interest charged for the EIDL Loan in Quickbooks? Thanks!

[QbuniversityOrg]

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