Incorrect posting to director loan account

Support
1

When creating invoices that were paid , it only gave an option to assign to payment to a director’s loan account ( on my phone )

However all my expenses are coming from my cash account bank account.

I want them both coming from the cash account .

Any ideas ??

2

Hi @Charlene

Is this only happening when on your phone? If you were to tag them whilst on the computer does it then give you the option to tag from the cash account?

3

hi Beth
that was the only option when i first uploaded them . ive since put a bank account on and it seems to be an option .

should i delete all the invoices and input again tagging to the right account.

Do you have any training on quickfiles

i am also having trouble with salary and mileage.
i have done a journal for the wage , but don’t see it in the expenses . i wasn’t sure where to put mileage

thanks for your help

4

Hi @Charlene
You shouldn’t need to delete the invoices, you should be able to bulk move the payments: Bulk change incorrect postings

It may be worth you having a look through the knowledgebase or having a search on the forum for your other queries - you may find someone else has asked and answered similar :slight_smile:

Hope this helps

5

Thanks for the help.
But I cant see the option on bulk change on the SALES invoices payments. Think i saw it on the purchases. When i look at the link provided , it refers to purchase categories , not money received for sales ( i want the money for sales received it in the same account as the purchases have gone out of ). In all honesty i don’t know what a director loan account is :slight_smile:

thanks again

6

Hi Charlene,

You should be able to change from the chart of accounts by changing the nominal to the correct bank account nominal

7

The trick is that you need to go to the “chart of accounts” report, expand the “assets and liabilities” section at the bottom (which I believe is collapsed down by default) and find the DL bank account in there, then click on the :mag_right: button at the right hand end of the row. This will take you to the nominal account view that corresponds to the director’s loan bank account (and yes, the money in transactions are supposed to show here as “debit” and the money out as credit, even though that appears backwards from what you’re used to).

From this page you should then be able to tick the boxes for the transactions you want to move, then use the “move to new code” button to shift them to a different bank account.

8

It’s a kind of dummy bank account that represents money that a director has either lent to or borrowed from the limited company. If you purchase something for the company using your own personal money, what you’ve effectively done is lend the company some money which it uses to make the purchase - you record this by marking the purchase as paid from the DL account. At a later date, when the company is in a position to pay you back, this would be tagged as a bank transfer from the company current account or cash account or whatever, into the director’s loan account.

At any given time, if the DL account is showing a positive balance that means that the director owes money to the company, if it is showing overdrawn it means the company owes the director.

9

And if its positive for more than and 9 months it’s subject to a tax charge.

10

Thank you so much Ian ,

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