PPP Loan Forgiven

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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?

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  • 0 in reply to GerriOros

    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.