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Snes

Long Term Liability (PPP Loan) Showing on Aged Payables Report.

Posted By

I set-up our PPP loan in Sage, following both the PPP and the Record and Track a Loan  the directions from Sage, but the Long Term Liability is showing up on our Aged Payables Report. When I double-click the (now past due) transaction on the report the Receive Money window loads from when the funds were received. The loan's GL Type is Long Term Liability. I have set up loans before and never had this issue, how do I get the funds removed from the AP Report?


Sage resources used:

PPP Funding Set-Up:
https://support.na.sage.com/selfservice/viewdocument.do?noCount=true&externalId=104574&sliceId=1&cmd=&ViewedDocsListHelper=com.kanisa.apps.common.BaseViewedDocsListHelperImpl&noCount=true

Record & Track a Loan:
https://support.na.sage.com/selfservice/viewdocument.do?noCount=true&externalId=11845&sliceId=1&cmd=&ViewedDocsListHelper=com.kanisa.apps.common.BaseViewedDocsListHelperImpl&noCount=true

Thank you.

  • Hi @,


    Thanks for reaching out. Did you ever find a resolution to this issue? If you are still looking for guidance, please let us know and we can try to point you in the right direction or suggest some resources or next steps.

    Warm Regards,
    Erzsi

  • in reply to Erzsi_I

    Hi Erzsi,

         Sorry for the late reply, I didn't think to check back until now, I am diving back into the issue. The long-term liability will remain outstanding until it is either forgiven or paid off, but I don't think it should be showing as a Receivable or in our Aged Receivables pool. The loan is set-up as a Long-Term Liability.

  • in reply to Snes

    Good Afternoon All - 

    Has there been any headway on how to properly remove a forgiven PPP loan out of aged payables?  We have performed a journal entry to move it to income however it is still showing up on the AP report as past due.  Thanks! 

  • When the "Receive Money" entry was entered, you should not have chosen a Vendor ID for those moneys. Instead, you would have skipped the Vendor ID and simply typed the name of the entity that you were receiving the money from. This option keeps the entry from appearing on the Aged Payables Report, but still records the Liability onto the Balance Sheet for the PPP Loan. When the PPP Loan is forgiven, you would make a General Journal Entry and debits the liability account for the PPP Loan, and credits an Income Account, i.e., PPP Loan Forgiveness. For additional assistance, please contact us at https://pcosupport.com or 800-780-0700 or 954-961-0600.

*Community Hub is the new name for Sage City