Loan from Director to Small Limited Company

[sparklesugarcraft]

Hi there, I am new to QuickFile and whilst I was setting up my limited business I used my own personal funds/bank account to pay for items like website setup and other items whilst the business bank account was not yet setup.

Therefore how do I record this on QuickFile, I know it has to be a current liability on the balance sheet but I can’t see where I can add this and more importantly how to record a part repayment of a loan from the limited company to the Director.

Grateful for any assistance you can offer.

Kindest Regards

[QFMathew]

Hi @sparklesugarcraft

If you used your own personal funds for this, you can record it as a transfer to/from the Director’s Loan Account. Money owed to the Director’s Loan Account will show up as a liability on the balance sheet.

This guide should be of use to you

[sparklesugarcraft]

Thanks QFSupport! Tried the instruction sheet and all working now