Select the details that match your loan in the Detail Type box. You can use this tool to get an idea of if you had a sufficient economic loss to qualify you for the targeted EIDL advance or grant. EIDL Loan Overview. My scratch off sales will never correlate directly to a weekly amount from the lottery because I can sell $1,500 in scratch offs but the lottery might not consider *any* books "due" yet, or I could sell $50 in scratch offs (hypothetically) but ten grand of books might come due (that sold over the last 2 months). Create a new account. It seems to me the EIDL Advance (which is not a loan; does not need to be repaid) affects shareholder basis and so should be reported on line 16b (other tax-exempt income). However, many businesses received far less than the full $10,000, as the money for this program was quickly depleted. See, the wave terminal already records each transaction, but it's doing it for the Lottery's system, and the PHD has it's own set of records. Cash-Outs: Customers present us with a winning ticket and we pay them. Press question mark to learn the rest of the keyboard shortcuts. We get books of tickets, which are of no value until we activate them. You are correct to override line 5b on Schedule M-1, in order to get in balance with the [California taxable] grant. It is my understanding that this money is fully forgivable with no requirements. I get what you're saying - but recording every single transaction like that would be mostly redundant and add overhead to the process here that I simply can't afford. I recorded PPP as a current liability and then also recorded the EIDL advance under the same liability. As the EIDL advance is considered a grant, and not subject to repayment, the forgiveness is automatic and thus is considered other income when received. For printed tickets, it's immediately calculated. For Scratch-Offs, commissions are calculated when the bill comes due for the book of tickets in question. If a business has received both the EIDL and PPP funds, EIDL … Printed tickets - these are for games where the lottery commission system generates a ticket and records the sale immediately. But fo now, call it a loan. Open the transaction and choose the account you created from the list. EIDL. If you received the EIDL Advance last year in an amount less than $10,000 and you meet the Targeted EIDL Advance eligibility requirements, you may be eligible to receive the difference up to the full $10,000. Remember that any PPP loan funds get reduced by any $10k advance of EIDL, so they are interdependent", New comments cannot be posted and votes cannot be cast, More posts from the Bookkeeping community, Press J to jump to the feed. Create a "due to/from lottery commission" account. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an EIDL advance of up to $10,000. One section of the EIDL agreement, “Books and Records”, outlines your bookkeeping and recordkeeping responsibilities, such as maintaining accurate books … There's a fairly detailed report that we run but really it all boils down to two bottom lines, our commissions and what we owe the lottery (or, if we cashed more than we sold, what they owe us). To see all of this done within the QuickBooks app, watch our Tutorial. SBA Economic Injury Disaster Loans @Dannyz On a weekly basis, the lottery commission calculates what we owe based on the above. Press question mark to learn the rest of the keyboard shortcuts. 2- EIDL "loan" (not advance) should also … In QuickBooks Online, I used to (as recently as last night) be able to enter custom dates on reports like '123120', which would then turn into 12/31/2020. The good news in this is - we only took over the store on Oct 13, so I don't have a LOT of records to fix once I have a solution - but I really need to figure this out before I get so deeply mired that fixing the books is all but impossible. We have developed an infographic laying out the entry process from beginning to end for both the EIDL and the PPP. It goes to Equity since it will not be taxable income. You can also track the loan and what you spend it on by following these steps: Since any given week you might receive compensation or you might have to pay out to the LC, due to/from is handy. Scratch-Offs - these are trickier. Press J to jump to the feed. I don’t want it flawing my reports and showing up as job related income. So, after reading all comments, can I assume the following for PPP funds and EIDL "loan" as it relates to tax form 1120-S? It means Payment Protection Program and it is another aid funded by the federal government. Recording lottery sales in QuickBooks (Online)? The only part of lottery sales I directly track with records I can directly use are the scratch offs not located in the PHD, and those are calculated at the end of the day by deducting starting ticket # from ending ticket #. The funds will allow you to continue to run payroll and pay your employees . I suppose I should point out as well that I have two different Lottery devices - the scratch offs we track manually are tied to what we call the "wave" terminal - but there's also a fully automated "PHD" terminal which does detailed tracking of everything including scratch-off sales. I would not put it as a liability because it does not need to be paid back. 1- PPP funds received (all used) should be listed on line 16b (other non-taxable income). The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. My question is referring to the EIDL advance though. Once done, you can now start recording … The loan, has to be paid back at a 3.75% interest rate. You enter it on page 4 of form 1120-S as Other Tax Exempt Income. 10 votes, 17 comments. and so keep all of my own books. However, recording the transactions in your accounting software is just one step. I use QBO for my accounting and I am not quite sure how to correctly record an EIDL advance. I have gone completely through the TurboTax questionnaire and it never gave me … Which means your EIDL loan comes with bookkeeping and recordkeeping requirements you might not be aware of. Simply put, if you received a $10,000 advance from EIDL with or without any true loan, and received a $100,000 PPP loan, no matter how you slice it, even receiving full 100% forgiveness of the $100k PPP you will be left with a hanging balance of PPP for $10,000. Other Income – EIDL Grant $10,000. I had it as other income and I can tax map the category as "not tax related" but it doesn't seem to matter. I cannot figure out a good way to record the weekly lottery invoices and the scratch off sales and then tying that to the withdrawal (or deposit) when it comes in. I’m not an accountant, but a business owner who received an EIDL Advance, a PPP loan that was forgiven and a City Grant in 2020. When you get an invoice and they owe you money, record only when the payment is received: Debit cash, credit due to/from LC. More posts from the Bookkeeping community, Looks like you're using new Reddit on an old browser. If your receipts for the year were less than $250,000 and your assets at the end of the year are less than $250,000, you do not have to submit a balance sheet. ( Other non-taxable income compensation or you might receive compensation or you might have to out! Then also recorded the EIDL advance is not accepting new applications received all! Store sells lottery tickets, which are of no value until we activate them record. 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