Accounting Coronavirus Q&A: Should I add a COVID-19 Expense Line?
Question: I’ve seen recently that business owners are being encouraged to add a COVID-19 expense line to track capital expenditures, time, etc so they have visibility to it in the instance of a government bailout, taxes, etc.
Accounting Team Answer: That’s a good idea. If they already have a class system set up in QuickBooks (QB) they should create a separate class. If they don’t, they can use one GL code. Or, they can add a department if they have a more sophisticated system than QB.
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HR Q&A: The Families First Coronavirus Response Act (HR 6201)
On March 16, the House passed bill H.R. 6201, the Emergency Families First Coronavirus Response...