Adding something to the director's account - quick question

Hi all,

I purchased a laptop with my personal card (because I forgot my business card’s pin).
I then paid the amount from my business bank into my personal bank.

What’s the correct way of dealing with this entry in money/out? Do I create an entry in the director’s account as money ‘in’ and then tag the bank entry against that?

Thanks in advance
Jose

You would log the purchase as paid for from the director’s loan account, and the money out on the bank account as a transfer to director’s loan. If you reimbursed yourself on the same day then you might be able to skip a step and just mark the bank account transaction as a payment direct to the supplier, I know that is ok for self employed but not sure how it works for a limited company.

2 Likes

Thank you Ian,

That makes sense - all balanced out.

Have a good evening!
Jose