How do I record Director Loan repayments

[Jachmath57]

Hi

can anyone advise as to how I record Director Loan repayments. They should not be on P & L

[QFMathew]

Hi @Jachmath57

When you set up your QuickFile account we would have created a Director’s Loan Account for you, which is treated like a bank account.

If your expenses are recorded correctly, they should be marked as paid from the Director’s Loan Account meaning it has a negative balance.

In this case, when funds are repaid to the director, you just tag the payment as a bank transfer to the DLA, reducing the amount owed.

Hope this helps.

[Paul_Courtier]

Also. If what your referring to is director loan payments for things that are not business related then they should be tagged directly as such from the bank payments.

The only way those things would appear on the P and L is if you created a purchase expense for them, which would be incorrect if they are not business expenses.