Forum Discussion

Richard_Hill's avatar
Richard_Hill
Contributing Cover User
2 months ago

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)...
Liz_A's avatar
Liz_A
Super User
1 month ago

Hi Richard_Hill​ 

Personally, I create the directors loan account as a 2-**** account as a Credit Card and then you can use it like a normal bank account to pay a bill.

Cheers

Liz

Richard_Hill's avatar
Richard_Hill
Contributing Cover User
1 month ago

Hi Liz,    thanks for responding.  Yes, correct, however in this case I want to pay off a sales invoice. money that is owed to the business.

  • Liz_A's avatar
    Liz_A
    Super User
    1 month ago

    Hi Richard

    If I understand you correctly, then you can still use the director's account as the "deposit to" account as the original loan entry would be a credit to the director's account and the payment of the sales invoice would be a debit to the director's account.

    Cheers

    Liz

     

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