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:
- Click Lists on the top menu bar
- Click Chart of Accounts
- Click the Account drop-down (or right-click in the list)
- Click New
- Click Other Account Types and choose Long Term Liability from the drop-down list
- Click Continue
- Enter “EIDL Loan” in the Account Name field and complete any additional information that you track (account number, description, etc.)
- Click Save & Close
Economic Injury Disaster Loan (EIDL) Grant
Grant up to $10,000 for applicants of EIDL loans
Create a new account:
- Click Lists on the top menu bar
- Click Chart of Accounts
- Click the Account drop-down (or right-click in the list)
- Click New
- Click Other Account Types and choose Other Income from the drop-down list
- Click Continue
- Enter “EIDL Grant” in the Account Name field and complete any additional information that you track (account number, description, etc.)
- Click Save & Close
Depositing the Funds Received
- Click Banking on the top menu bar
- Click Make Deposits
- If there are any “Payments to Deposit” click Cancel
- Click the drop-down in Deposit To and choose the bank account the funds were deposited in, then Tab
- Change the date to the date the funds were deposited, then Tab to From Account
- In the From Account column, enter “EIDL Loan” or “EIDL Grant,” then Tab to Amount
- In the Amount column, enter the amount of funds received
- Click Save & Close
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