Paying money back to me from DLA

Accounting
1

Hi,

My accountant has for several years charged (7850) Use of Home as Office to (1201) DLA. The money shows on the balance sheet as Current Liabilities (1201), but on the Dashboard, Loan Accounts it shows 0.00

I now intend to take the money, but I am not sure how to do this correctly or why the Loan Accounts on the Dashboard show 0.00.

Any advice would be greatly appreciated.

2

Hello @NEE

My accountant has for several years charged (7850) Use of Home as Office to (1201) DLA. The money shows on the balance sheet as Current Liabilities (1201), but on the Dashboard, Loan Accounts it shows 0.00

You currently have the default directors loan account 1201 hidden on the banking screen.

Banking screen > Options > Sort/Hide accounts then click options on the relevant account to “Show account or “Hide account””

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I can see you have 2 additional loan accounts (1252 and 1253)

To withdraw money you would post a Money out transaction on the companies current account (or the account you are maying the withdrawal from) and tag it as a transfer to the relevant account (1201, 1252 or 1253) depending on where you want it to show

3

Thank you so much, that’s brilliant!

I am new to QuickFile, having taken over last year from the previous director and there are still some things I need help with.

Many thanks

4

Sorry, if I tag the payment from the Bank account to 1201, would I also need to journal it?

Thanks.

5

Hello @NEE

No when you create a bank transaction the double entry is the bank and suspense, when you tag it the other side is moved from suspense to the code you specify (like 2 sides of a journal).

6

That’s great. Thank you so much for your help.

7

It appears that the journal entries for the above transactions have been recorded in your Director’s Loan Account (1201) account but have been incorrectly posted in the dashboard in QuickFile software, most likely because of entry coding or dating.

To ensure accuracy before taking the loan, you should check your balance by using the complete ledger. If everything is correct, make the entries against your DLA.

8

Thank you very much.