Multiple Directors Loan Accounts?

How-to
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Just setting up our small business (2 Directors, no employees) on QuickBooks.

So that we can track activity accurately my instinct is two have two separate DLA accounts - one for each Director.

Two questions:

  1. Is this the right thing to do?
  2. If so, I’m not sure how to go about doing it because when I go to add a new loan account, I have a list of real accounts, a generic current account or ‘other’. Other prompts me to add the bank account details, rather than it become a control account…
2

Yes each director would normally have their own DLA account. You can log both under one account but it’s much clearer having one account per Director.

This is how the account should be created. The account number and sort code can be left blank, these aren’t relevant for DLAs.

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Hope that helps!

2 Likes
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Thanks Glenn, perfect response.

So far (only 24 hours in), I’m super impressed with QuickFile - the whole application - functionality, ease of use, speed, help files & tips, community, direct developer support…

It all looks too good to be true, but all the posts and reviews that I’ve encountered seem to emulate my experiences. I’m looking forward to many happy hours of book keeping & accounts - not something I thought I’d find myself saying this time last week :smile:

2 Likes
4

We’re really pleased to hear that Quick File is working out for you, thanks for letting us know :smile:

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