My accountant just done my year end. He said I have 3500 in my directors current account and says take it out of the bank when cash is available.
What is directors current account? Where do or what do I put it under in quickfile? Should i make a new bank account with that total?
Cheers
Hi @lee
The ‘Directors Current Account’ is known as the DLA or Director’s Loan Account in QuickFile. It’s treated like any other bank account with transactions in and out of the account.
It can be found under Banking > All Bank Accounts:
If you have £3,500 owed to the Director, this would be reflected with a negative balance here, showing the business owes that money. What you would need to do, is set it up to show that £3,500 owed.
Do you know why it was owed? If you could give me a bit more info, hopefully we can point you in the right direction on how to enter this.
For reference, there’s also a brief guide here
Not sure. I did put money into it when it started. I havent took any back out of it. I havent got any eveidence of this though because it was equipment I put in that I already had? Maybe thats why? He said it was to balance it up ??
he said this
Directors’ current
accounts 3,562 – This is
the balance remaining assuming the above to be true – the funds are for you to
draw out tax free when cash is available.
its on my limited company year end i think ?
It may be worth just asking your accountant to clarify what they are trying to achieve, and we can then advise on how to enter this correctly on QuickFile.
If you haven’t taken any money out of the business from the DLA, or put any money in, there wouldn’t be anything to balance - the balance should still be at zero.