There are lots of entries here about Director Loan Accounts and it all makes sense,
However, although I have a Directors Loan Account set up and have created a Journal entry, I cannot find any way to add or withdrwl funds from this account. When I log a payment, there is no means to pay this down from or to the Directors Loan Account.
e.g. I have a cash expense for which I have want to post payment to/from the DLA, but all I can do is the normal payment methods e.g. Cheque, Bank Transfer, etc (all simply related to the BANK account) not any other account.
Am I missing something very simple???
Is it 1201 Director’s Loan Account ? if yes can you see option of paid to or paid from when trying to log payment on sales or purchase invoice?
yes 1201. I have a payment in the Bank Account but there is no way apparently to reduce the DLA. If I carry out the only option to transfer to DLA then the DLA goes up in value rather than reducing.
Strictly the Withdrawl from the DLA is not a Purchase or a Payment to a Supplier.
Money in main bank account from Director will increase credit balance on DCA because DCA is suppose to be liability to business and money out from main bank is reducing liability on DCA
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