Directors loan

A director makes several transactions, transferring money from their personal account to the company account (director’s loan to the new company). The money then used to pay invoices.

How should I log these director’s loan transfers on quickfile?

Thank you

Hi @Emko

If the money has been transferred from the DLA (Directors Loan Account) to your current account, you would have a few transactions. These can be entered like so:

  1. Enter a money in transaction in the current account
  2. Tag it as a transfer between accounts
  3. Select Director’s Loan Account
  4. Enter the money out transaction to pay the invoice, and tag this to the invoice as normal

Then, when the money is paid back to the director, you would simply have 1 transaction from the current account to the DLA, again tagged as a transfer.

There’s a useful guide here that may help too

Just to clarify this, to pay back a director loan, do you just post a nominal journal between the two bank accounts?

Or even better, you tag it in the Bank Feed :slight_smile:

Hi @Mimi

Yes, you would have the transactions either entered manually or from the feed and tag them from there

Thank you for confirming :slight_smile:

This topic was automatically closed after 2 days. New replies are no longer allowed.