Adding SBA or other loans

Adding SBA or other loans

How to Record Direct Deposit Loans in MaxxTraxx (e.g., SBA Loan)

If your loan funds are directly deposited into your bank account, there are two ways to record the deposit in MaxxTraxx:

  1. Non-Invoice Cash In (Preferred if you want it to appear in your cash drawer and deposits)

  2. Bank Reconciliation Adjustment (Useful for direct adjustments during bank reconciliation. Does not show in the cash drawer)

  1.  Option 1: Non-Invoice Cash In

    Step 1: Set Up the Transaction Type

    1. Go to Setups > Accounting and Payroll

    2. Click Default Account Posting

    3. Under Transaction Category, select Misc. Cash Income Disbursement

    4. Click Add Transaction Type

    5. Enter a Name for the transaction (e.g., SBA Loan – Cares)

    6. Click Select next to G/L Account #

    Step 2: Create or Select a Liability G/L Account

    • Since this is a loan, use a Liability Account (e.g., 25400)

      • Type 25 to filter the list to liability accounts

      • Click Add G/L Account (lower left) if needed

        • Enter G/L Account #: 25400 (or whichever GL account you want)

        • Description: SBA Loan – Cares

        • Account Type: Current Liability (or Long-Term Liability if applicable)

        • Click OK > Select > OK > Close

    Step 3: Enter the Loan as Non-Invoice Cash In

    1. Go to the Cash Drawer (money bag icon)

    2. Select Non-Invoice Cash In

    3. Enter:

      • Reason for cash in

      • Amount

      • Payment Method: Use Check (for direct deposit)

      • G/L Account: Select your liability account

      • Date: Date of deposit

    4. Click Finish

    Step 4: Deposit the Loan into the Bank Account

    1. Go to Banking > Make Bank Deposit

    2. Choose the Checking Account and click Select

    3. Check the loan deposit you just entered

    4. Click Next

    5. Confirm the Deposit Date, then click Post & Close

    🔹 Option 2: Bank Reconciliation Adjustment

    Step 1: Create the Adjustment During Bank Reconciliation

    1. Go to Banking > Reconcile Bank Account

    2. Select the Bank Account the funds were deposited into

    3. Click Add (lower left) > Select Adjustment

    Step 2: Add Adjustment Details

    1. Click Add (lower left in the Adjustment screen)

    2. Enter:

      • Type of Adjustment: Deposit

      • Description: SBA Loan – Cares

      • Account: Click Select

        • Type 25 to filter to liability accounts

        • Add new G/L account if needed (e.g., 25400)

          • Description: SBA Loan – Cares

          • Type: Current Liability or Long-Term Liability

        • Click OK > Select > OK

      • Leave Amount at 0 and click OK

    Step 3: Enter the Actual Adjustment

    1. Highlight the loan and click Select

    2. Confirm/edit:

      • Account info

      • Date of deposit

      • Loan Amount

      • Optional: Add a Memo

    3. Click OK

    • This posts the deposit directly to your bank reconciliation and marks it as cleared.

    • Click Done > Save Only to complete.

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