Forum Discussion

Jaye333's avatar
Jaye333
Member
2 months ago
Solved

Directors Loan

Hello, I am new to MYOB in Australia. The director of the company has basically loaned the company a lot of money to stay afloat. I am wondering if this can be written in the MYOB system as a 'servic...
  • vicki's avatar
    vicki
    2 months ago

    Hi Jaye333

    The loan is a liability, not an expense, hence not deductible.  Many small business directors lend their companies money even though the business many be profitable.  

    Your accountant should explain how to get the loan into the MYOB file.  Cr a Liability account, Dr the bank account.

vicki's avatar
vicki
Experienced User
2 months ago

Hi Jaye333

The loan is a liability, not an expense, hence not deductible.  Many small business directors lend their companies money even though the business many be profitable.  

Your accountant should explain how to get the loan into the MYOB file.  Cr a Liability account, Dr the bank account.

  • Jaye333's avatar
    Jaye333
    Member
    2 months ago

    Thank you Vicki. That helps a lot. 

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home