Directors loans and grants

Accounting
1

Morning all. I have 2 questions I have a tough idea of what to do from reading a lot of the threads on here but:

  1. I used personal funds to help the business start and it was entered in the directors loan account. Now I can transfer funds back to me from the business how do I enter that in the books?
  2. We received 2 grants during lockdown which was used wisely on stock equipment etc. How do I enter the grant as revenue? I saw on an earlier thread it needs to be tagged against whatever we bought with it, how do I do that?
    Thanks
2

  1. Tag repayments back to you as again directors loan account.

  2. Not quite right. Tag the grants as misc income, tag payments for purchases against the actual purcahse receipt.

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