We had our PPP loan forgiven, and our CPA told me to book it in under "Non-taxable income". I spoke with one person that set to setup account 950 to book this as non-taxable revenue. It still shows up on the Income Statement, is this correct?
Yes, this should appear on the income statement
To clarify, Sage does not provide accounting/tax advice. What I referred to was the standard format of an income statement which includes a section for Other Income and Expenses. However, any GL accounts with values will show on the income statement in the sections created in General Ledger > Setup > Account Group Maintenance. I suggest you ask your CPA for clarification based on how your Income Statements are formatted.
how to create an "other income - non taxable" account in the chart of accounts using sage 50? It only allows me to create an other income as taxable income and it is recorded as part of the revenue account; however, I need to show this "Other Income - Non taxable" after the Net Income line?
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