How do I clear the balance on a Director's Loan Account?

Support
1

Hi,

I have setup a current account which is fine and I record all transactions against it. A while back I had to purchase some stock and since I used my own CC and entered the transactions against the Directors Loan account. Now obviously I need to clear it at some stage as it’s showing a negative balance but I can’t see an option to transfer funds from the current account into the Directors account, is this even possible ?

Thanks

Vimal

2

Hi @geezmoz

When it comes to paying off the balance in the Director’s Loan Account (DLA), you can tag the payment as a bank transfer.

So, you can either do this from the current account (if that’s where it’s paid from) and tag it as a transfer to the DLA, or you can do it from the DLA and tag it as a transfer from another account.

For example, if I have my DLA which is currently -£100.00. In this case, I’ve created a transaction showing the £100.00 repayment leaving the current account:

998×71 6.24 KB

Clicking on ‘Tag me!’, I can select a transfer and then select the DLA:

And then:

Hope that helps!

3

Fantastic! I knew there was a way to do this :slight_smile:

Thanks

1 Like