Tracking Owners Draws and Payroll Tracking Limitations in QuickBooks for PPP Loans
Last time, I shared some ideas with you on how to track Payroll Check Protection (PPP) expenses and loan proceeds in both QuickBooks desktop and QBO platforms.
Now, let’s take a closer look at some additional PPP topics:
- How to track owners draws if you do not have “regular” W2 payroll in your business
- Some of the limitations in QuickBooks payroll when using class tracking for PPP purposes
TRACKING OWNERS DRAWS FOR PPP PURPOSES IN QUICKBOOKS
As I’m sure you know, most of the PPP payroll expense discussion is centered around paying employees and tracking their payroll.
What if you’re the only employee and you pay yourself via a draw instead of a regular payroll check?
Here are some ideas to help you with that:
POTENTIAL LIMITATIONS OF TRACKING PPP PAYROLL EXPENSES WITH QUICKBOOKS PAYROLL
A number of businesses have asked me about using the class method in QuickBooks for tracking PPP expenses.
Due to some inherent limitations within QuickBooks payroll, the class tracking will only take you so far when it comes to keeping tally of your payroll expenses.
Here is some additional background information on using QuickBooks payroll to track your PPP payroll expenses:
A HANDY LOAN FORGIVENESS WORKBOOK TOO!
The folks at Albin, Randall and Bennett have published a handy loan forgiveness workbook to help you keep score of your PPP loan proceeds and expenses.
This workbook has over 10,000 downloads – grab your free PPP loan forgiveness workbook here.
Do you have any other PPP tracking resources to share? I’d love to know about them!