Hi, please advise me how to record the director’s loan repayment with payslips (salary)? Can I transfer funds from Net wages to Director’s Loan Account using Journal? I keep a record of any money I borrow from or pay into the company on Director’s Loan Account. For example, if a payslip has been generated that has salary and expense reimbursements to the director, instead of paying this into the directors personal account I would like to pay off a loan.
The below article may help.
Unfortunately, there is no information in this article regarding the repayment of a director’s loan using payslips. Instead of paying salary into the directors personal account I would like to pay off a director’s loan. I do not know how to record it
After entering the payroll journals as shown in the example below:
You would enter the following journal to reduce the DLA:
You can see in the example below that the DLA has been reduced by the amount of the Director’s (J Smith) net salary
Yes you can offset net wages with DCA loan
Thank you so much for help! Have a nice day Steve
Thank you for help
This topic was automatically closed 14 days after the last reply. New replies are no longer allowed.