Director owes money to company

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Tyrah
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Director owes money to company

Hubby used the business card to make some personal expenses. 

Now im trying to put this into accountright so i know how much is owed but can't work it out. Can anyone give me a step by step on our to put this transaction (in bank feed) to something that will show a -$$ amount that is owed and when he pays it back how we put it back into that account so it can get a balance of $0??? 

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Ultimate Partner IanChait
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Ultimate Partner
Australia
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Re: Director owes money to company

Hi @Tyrah 

 

Create a Current Asset Account called Loan: Hubby

Record the expenses on the credit card to this account

When he pays them back record it to the same account.

When all paid back, balance should be NIL.

 

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

Tyrah
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Re: Director owes money to company

Thank you Ian, 

 

How do we record it? with the credit card etc? 

Ultimate Partner IanChait
1,016 Posts
Ultimate Partner
Australia
Ultimate Partner

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729Kudos

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Re: Director owes money to company

Hi @Tyrah 

 

Record it the same way you record all the other credit card expenses.


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

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