I have put some funds into my company account as a Directors Loan. However, I am not sure how to tag it from my bank statement feed, as none of the options seem applicable. In other posts, I see that people are saying “tag as Directors Loan” . I don’t see this option. How do I do this? Thanks
As the Directors Loan Account is just represented as another bank account in QuickFile the tagging option would be as a bank transfer, you then just select the sending account as the DLA account.
Hi,
I know this is an old post but i’m still not clear on how to tag a payment into the directors loan account, and more help would be greatly appreciated.Thanks.
Hi @Adam-prestige are you able to describe what you’re trying to achieve? Is the Director borrowing money from the company or returning?
I put in a sum of money from my personal account, i am trying to tag it into the directors loan account, but i can only seem to tag it so it says it has come out of the directors loan account, and it is not showing up at all on the profit and loss page which is saying i have made a lot more money than i have and i don’t want to get taxed on it…
i have also now accidentally deleted a transaction from my bank tagging page and cant seem to retrieve it!
Lending money to your company is not a profit and loss activity, it belongs on the balance sheet.
For money you have brought into the company you would locate the bank entry on your LTD company current account and tag this as a transfer from the Directors’ Loan Account. This will then show your DLA as overdrawn and a liability on your balance sheet.
Hi all,
Just wondering if someone can help. The business owed me some money, so I transferred money from my company bank account to myself. How do I tag the entry in my company bank account. If I tag this as transfer to DLA, the total in the DLA becomes double instead of 0.
Many thanks,
Solar
When you transfer funds from the company bank account to DLA you credit the bank account and debit the DLA account. It’s confusing as in accounting it’s the reverse to what we’re used to.
If it’s doubling up the amount then I would think that your initial entry was wrong? It should NET back to zero. Can you let me know how the original entry was tagged please?
Matt,
Thank you- I normally tag the transactions as ‘paid from DLA’ for purchases made but it seems there are some other entries that has distorted this. The bank account reconciles. So, I am just wondering how can I post a corrective entry to get it back to 0 which should correct things going forward.
Many thanks,
Solar
If the DLA originally had a positive balance then that means you owed money to the company, not the other way round. If the company owes money to you then the DLA would appear overdrawn.