| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #16502 | Closed | public | Multifamily | Les Sparks |
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Good Morning Les, My client’s management company received a PPP Loan during 2021 and distributed approximately $34,000 to the multifamily property. The management company applied the credit of this transaction received to payroll expense which reduces the actual payroll costs. I believe the funds should be applied as some type of income account but do not know which one. Your assistance is greatly appreciated and thank you in advance. Sherri Carter |
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Sherri, almost everyone recorded these funds in account 5990 – Other Income. That just seems to be the best place to place it.
Les Sparks
From: AHACPA Support <support@ahacpa.org> |
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Thank you Les. |