Prepaid Director income installments

Question

Hi I need to enter our prepaid Director Income installments for (tax payment in advance) How would you recommen I enter in MYOB - currently I have it entered as a liablilty account ? I'm not confident this is correct.

Thank you :)

duncans · Answer

tamaxox&nbsp;&nbsp;I take it your Business Structure is a Company.&nbsp;In a perfect world, the Director would pay their personal PAYG - I from a personal Bank Account.&nbsp;If the Company does pay, then it would be a Debit to the Director's Loan.&nbsp;Have a talk to the Company Tax Accountant.&nbsp;Duncan

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Prepaid Director income installments

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