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How to close out "forgiven" PPP loan in Quicken.
I received a PPP loan and set it up as a loan in Quicken showing the category as my checking account where the money was deposted. I was informed today by my bank that my loan has been forgiven. So now the question is how do I "close" out the loan in Quicken?
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Chris_QPW Member ✭✭✭✭
Sounds like all you need is a balance adjustment transaction.
Just enter the transaction as a withdraw for the remaining amount where the category is [Loan Account Name] (same as the account you are in).(I'm using the latest Quicken subscription version)1
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Answers
Just enter the transaction as a withdraw for the remaining amount where the category is [Loan Account Name] (same as the account you are in).
Look at the transaction highlighted in blue. This Balance Adjustment transaction will set the account to 0.00
The Category is the same as the account register name, [New lender loan]