Adding to Directors Account

[philis1982]

My Quickfile life started on 1st April 2025. My accountant has just finished my accounts for last year - and has given me figures for the Directors Loan Account and I wondered how I enter them into QF, so I can then make and tag payments back to me at some point in the future. Is it similar to adding in the Corporation Tax figure which I will also have to enter. ie create a journal?

This is the link to the CT entry - but it has two different Nominal Codes

Entering and Paying Corporation Tax Liability

Lets use an example to answer the above question: Company’s Year End is: 31/03/2013 Corporation Tax (CT) Payable: £2,000.00 1. Journaling Corporation Tax Payable: Once you have the final CT payable, you will need to journal the amount into the ledgers, the journal system can be accessed through the full chart of accounts (COA) from your dashboard by clicking ‘Reports >> Chart of accounts’ from top navigation menu option, followed by ‘New Journal Entry’: See the example below: [image] Th…

Also, there are two figures - one for me and one for my fellow director. Do I just lump them all into the one directors account but when I make the payment somehow tag the other director?

[philis1982]

OK - I have the figure I need to enter into the accounts, but not sure how to post it in a Journal. I’ve entered it as a debit in (1201) but how do I credit it to balance the ledger?

[QFSteve]

Hello @philis1982

Did your accountant give you an opening trial balance?

This can be entered as a journal (this would include all balances for your balance sheet as of 1st April 2025).

You can use 1 directors loan account of if you wish you could create a second account for the second director.

You can enter the opening balance on these accounts (view the account > Options Settings).

The other side of the transaction would be posted to the suspense account. when all of your opening balances have been entered they should net off in the suspense account.

[philis1982]

So I have a figure for last year and I have entered into a Journal - 1201 as a credit and 3103 for the debit. That seemed to be the best way to show it.