Money out, how to post part to Directors expenses and part to loan

[olddave]

Hi,

To complete my accounts I better need to understand how to post certain items. I have an amount paid out to me, part to repay several months of expenses when I used my personal credit card to buy services for the company and part as a Directors loan. I don’t have Affinity though, so how do you represent this.

I also repay that loan later along with additional cash in a single bank credit transaction. Is this impossible without Affinity?

thank you,

David

[Lurch]

All Affinity does is make it easier to manage multiple accounts, I don;t think it has any bearing on how you do any of this.

For the first part, are these purchases that you have made logged in Quickfile at all? Do you intend to log any of the purchases to Quickfile or are you just wanting a ‘miscellaneous expenses’ payment to yourself?

For the second part, you can post multiple bank transactions in Quickfile to cover the single payment.

[ian_roberts]

The director’s loan “bank account” in QuickFile is the way to deal with this. Any purchases you make on behalf of the business using personal funds should be logged as purchases in the normal way in QuickFile but marked as paid from the director’s loan account. A direct loan from you to your company is a bank transfer from director’s loan to the current account. Both these actions will leave a negative balance on the DL account - when you pay yourself back it’s treated as a bank transfer from current account to director’s loan to clear this negative balance.