Loan repayments recording

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Loan repayments recording

Hi there,

 

I currently use MYOB Essentials.

 

My question is:

 

A director loaned the company x amount, this transaction was allocated to - Loan Term Liabilities - Directors Loan.

 

My bank feed has refreshed and i have a transaction from the company to the director to pay a component of this loan back.


I am unsure how to allocate the repayment transaction?

 

Any help would be greatly appreciated.

 

Regards,


Matt

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Re: Loan repayments recording

@Matthew88

 

The Directors Loan would be a Non-Current Liability if repayment is to occur later than 12 months in the future.

 

By example, the Director lent the company $10000 and then was paid back $5000.

The balance of the Directors Loan would be $5000.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days

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