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tamaxox's avatar
tamaxox
Cover User
2 years ago

Prepaid Director income installments

Hi I need to enter our prepaid Director Income installments for (tax payment in advance) How would you recommen I enter in MYOB - currently I have it entered as a liablilty account ? I'm not confident this is correct.

Thank you :)

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  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    2 years ago

    tamaxox 

     

    I take it your Business Structure is a Company.

     

    In a perfect world, the Director would pay their personal PAYG - I from a personal Bank Account.

     

    If the Company does pay, then it would be a Debit to the Director's Loan.

     

    Have a talk to the Company Tax Accountant.

     

    Duncan