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To: Accountants, bookkeepers, business/operations managers
From: Patrick Warner, Accounting Manager, Office of Finance
The archdiocesan Office of Finance has created new general ledger accounts for use in recording the forgiveness of the Paycheck Protection Program (PPP) loan at each parish, mission and school that received a loan. Listed below are the new GL#s.
For Parishes & Missions
4750.000.00.33.00P PPP Loan Forgiveness Income
6750.000.00.33.00S PPP Loan Forgiveness Income
We ask that you record the PPP loan forgiveness via a journal entry.
To record the journal entry:
Debit: 2530.000.00.33.00 Other Loans – PPP Loan
Parish – 4750.000.00.33.00P PPP Loan Forgiveness Income
OR School – 6750.000.00.33.00P PPP Loan Forgiveness Income
Please date the journal entry using the date on the forgiveness letter or the last day of month.
In the Comment section, enter the description “PPP Loan Forgiveness – Round 1”.
Please add this description to the Comment section on each GL# line.
Also, please select “PPP:PPP Loan“ from the Project section drop-down list.
Here is a sample PPP Loan Forgiveness journal entry.