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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...
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.
