Hello
I transfered to QF as of 30-June-2014, by taking a Trial balance from my previous accounting software as of that date. This Trial Balance included separate DL accounts for each of the two directors. (DLA-1 in credit £5000 and DLA-2 in credit £3354, meaning the company owed both directors these amounts as at 30-Jun-14). Instead of using the generic DL account that is in QF, I instead created two new Director Loan accounts (as per instructions on a previous forum post).
Since using QF, a number of small payments have been made back to Director-1 (totalling approx £3000), in order to reduce his director loan and pay back the money he is owed.
Im confused at how to handle these transaction correctly. What I’m currently doing gives me incorrect results. My process to attempt to tag these small reimbursements to the Director-1 is as follows:
- I import my bank transactions into QF using bank feeds.
- I tag the transactions manually (however, when I try to tag this director loan repayment under “Salary, Wages, or other drawings”, I can only see the option to post under the generic DL account, rather than the two new DL accounts (for DLA1 and DLA2) that i had
created above. - So, I try to post using the “Something else not on this list” option, and then manually select the new DLA1 i had created. However, I then receive an error message that the “The total amount does not match the value of the List item GBP XXX”
- So, the best option appears to be to go back to “Salary, Wages, or other drawings” and just choose the generic DL account. IS THIS CORRECT??
- When I now go back to check the Generic Directors Loan account from the dashboard, it appears to show the money as “Money In” to the company, rather than “Money Out”??? WHY WOULD THIS BE?? SEEMS WRONG !
- Then, using the “Move code” function I manually move the Generic DL account transactions to the correct Directors account (in this case DLA1 account).
THE INCORRECT RESULT IS:
- DLA1’s ACCOUNT SHOWS AS INCREASED CLOSE TO £8000, RATHER THAN BEING REDUCED CLOSER TO £2000.
- THE GENERIC DL ACCOUNT HAS A POSITIVE BALANCE, BUT I WANT THIS TO BE ZERO AS EVERYTHING DL RELATED NEEDS TO BE ALLOCATED TO EITHER DLA1 or DLA2.
What am I doing wrong? What is the correct method to import DL transactions into QF and tag them appropriately? How can i get the newly created DL accounts to appear on the dropdown list under “Salaries Wages and other drawings” in the tagging menu??
Im totally confused about all this, and would really appreciate any feedback. Have already spent hours and hours trying to solve the issue, to no avail.
Many thanks
Indy