Tracking for PPP loan disbursements

Question

We have received our PPP loan money. We are going to begin to pay employees this week. I am considering creating a new job to track all costs including payroll, fringe, health, retirement and other costs. Is this the best way to track these costs or is there another solution?

kaysong70 · Accepted Answer

We have a separate bank account set up for these funds. We will do a transfer each week for the gross payroll amount to our main payroll for the net payroll and our operating account for the balance. This way we can back up each withdrawal to the separate account with our payroll reports. We want all of our payroll to continue to be posted normally so we can track our job costs properly.

JPontell · Answer

I made a video showing how to set up the accounts and make your entries. 
 https://youtu.be/ebCT3e8_zL8

April Dahl · Answer

We have created Sage Knowledgebase article 104505 "What can I do to track Paycheck Protection Program (PPP) loan we received?" 
 The procedure proposed in this article allows for reporting on the PPP bank account out of AP and PR. An additional scenario for PR is being considered and the KB will be updated with that information when it is available.

Sage Construction & Real Estate

Tracking for PPP loan disbursements

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