How to Categorise Government Grant and Director's Loan in QuickFile

Accounting
1

Hi there,

We were lucky enough to be successful with two government innovation competitions and will be receiving grant payments over the next 18 months. One project runs for 12 months (paid fully in arrears), and the other for 18 months (with an initial mobilisation payment just received).

I’d like to keep the payments and reimbursements for each grant separate for accounting purposes.

Could anyone advise:

  1. How best to tag grant income — both the mobilisation payment and future reimbursements?
  2. How to record a director’s loan paid into the business account?
  3. If the right nominal code doesn’t appear in the dropdown, how can I create it?

Many thanks!

2

New nominal codes can be created in :- Reports > Chart of Accounts > Create New Account

3

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