Loan from directors to pay customers invoices
Hi, sorry i need someone to help me through my brain fade.
In bank feeds I have deposit of $10,000 from one of the directors, I want that to show as a directors loan in the liabilities. (easy)...
Forum Discussion
Hi Genreve,
Thanks for your input.
The problem I have is that no money is leaving the bank.
I am just paying off our own customer’s invoice as a temporary favour.
So paying from the bank account will leave an unreconcilable entry.
Hi Richard_Hill.
Thanks for clarifying what you meant. If there’s no cash actually leaving the bank, you can instead leave the bank side out of it in MYOB.
You can still allocate the $10,000 deposit from the director to a Director loan - liability (N‑T) so it sits there correctly, but when you “pay” or clear the customer’s invoice, you don’t use the bank account; instead, clear it via a Receive Payment/journal against a director loan/clearing account. That way, the invoice is cleared, there’s no fake bank withdrawal to reconcile, and the movement is just between Accounts Receivable and the director's loan/equity account ( but I highly recommend double‑checking with your accountant to make sure).
Regards,
Genreve
Thanks but sorry that wont work.
The problem is that when i do a "Receive Payment" - what ever account I use (eg directors clearing account) i will have a balance remaining in that account, this isn't the result i need.
I cant journal it to "accounts receivable" as then the sales reconciliation report will be out.
sorry, am i on the wrong track?
