How can I create a new Directors Loan Account?

Support
1

Hello

I am new here.

I need to keep a record of the financial loans that two of our Directors have made to the company (which is limited).

QuickFile support
https://support.quickfile.co.uk/t/limited-company-bookkeeping-the-basics/8809
says: “If you have multiple directors and would like to track what each director is owed or owes the company, you can create additional Director Loan Accounts under the loan header in the bank management section.”

Exactly where is the “Bank Management Section”?

e.g. If I go to [main menu] > Banking > All bank accounts > Create > Loan Account
…then QuickFile wants to know the actual name of the bank, sort code, account number (etc.) and it creates a Nominal Code of (e.g.) ‘1251’ and the Account Type is a ‘Loan Account’.

Whereas if I go to [main menu] > Banking > All bank accounts…
and I scroll down to Loan Accounts, I can see a think called “Directors’ Loan Account (DLA)” whose Nominal Code is ‘1201’ and the Account Type is a ‘System Control Account’.

What is the difference?
How are these two types of account supposed to be used?

Thanks

J

2

… are all optional. The bank name is needed for accounts where you’re planning to link a bank feed but other than that it’s fine to leave them all blank or “other”.

3

OK thanks.

But what then is the functional difference between an QF Account Type of ‘System Control Account’ compared to a ‘Loan Account’?

J

4

As far as I know no functional difference - regardless of type all bank accounts end up in the 12xx nominal code range and can be used in all the same ways.

5

I think the System Control Account is just the first one of these DLA accounts, hence 1201. So you can you this for the first director.

Then create another loan account for the second director and it will be allocated nominal code 1202.

6

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