Recording Funds Received from the Small Business Administration (SBA) Coronavirus Aid, Relief, and Economic Security (CARES) Act

Cost Segregation

Written by Kelly Oliver

September 28, 2020

Note: It is important to keep these funds separate for income tax reporting.

Economic Injury Disaster Loan (EIDL)

Loans up to $2 million

Create a new account:

  1. Click Lists on the top menu bar
  2. Click Chart of Accounts
  3. Click the Account drop-down (or right-click in the list)
  4. Click New
  5. Click Other Account Types and choose Long Term Liability from the drop-down list
  6. Click Continue
  7. Enter “EIDL Loan” in the Account Name field and complete any additional information that you track (account number, description, etc.)
  8. Click Save & Close

Economic Injury Disaster Loan (EIDL) Grant

Grant up to $10,000 for applicants of EIDL loans

Create a new account:

  1. Click Lists on the top menu bar
  2. Click Chart of Accounts
  3. Click the Account drop-down (or right-click in the list)
  4. Click New
  5. Click Other Account Types and choose Other Income from the drop-down list
  6. Click Continue
  7. Enter “EIDL Grant” in the Account Name field and complete any additional information that you track (account number, description, etc.)
  8. Click Save & Close

Depositing the Funds Received

  1. Click Banking on the top menu bar
  2. Click Make Deposits
  3. If there are any “Payments to Deposit” click Cancel
  4. Click the drop-down in Deposit To and choose the bank account the funds were deposited in, then Tab
  5. Change the date to the date the funds were deposited, then Tab to From Account
  6. In the From Account column, enter “EIDL Loan” or “EIDL Grant,” then Tab to Amount
  7. In the Amount column, enter the amount of funds received
  8. Click Save & Close

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Kelly Oliver
I manage tax return preparation, review, and audits for businesses, individuals, and nonprofits. I also handle financial statements and provide accounting and payroll services to various industries. Additionally, I serve on the Firm's Estate and Trust Planning and Community Service Day Committees.

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