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allwaysdesign1
August 6, 2019
Solved

How to categorise Director's Loan Repayment(already paid this year)?

  • August 6, 2019
  • 1 reply
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Original commenter did not share additional details
Best answer by emmam6

Hello Community Users! We just wanted to pop on this thread and provide some steps for recording a directors loan and repayments. You would need to go to the chart of accounts and set up a chart of account for the directors loan(depending on whether the business is owed money or the business owes money would depend on what account type you use, asset or liability) in the set up it will ask you the balance and as of date you can then fill that in and save. Once done you can then record the reduction of the asset or liability with a journal entry. The other side of the journal being the business bank account. Any questions feel free to add them here.

1 reply

G
GeorgiaC
August 6, 2019

Hey allwaysdesign1, 

 

Is the loan to the director or from the director? 

 

Have you already recorded the initial loan taken out in QuickBooks?

 

Thanks

A
allwaysdesign1Author
August 6, 2019
No, unfortunately this has been made in a different software and it has been recorded on Company Accounts as "Amounts advanced". The director borrowed money from a company and has repaid it last year.
E
emmam6Answer
November 9, 2022

Hello Community Users! We just wanted to pop on this thread and provide some steps for recording a directors loan and repayments. You would need to go to the chart of accounts and set up a chart of account for the directors loan(depending on whether the business is owed money or the business owes money would depend on what account type you use, asset or liability) in the set up it will ask you the balance and as of date you can then fill that in and save. Once done you can then record the reduction of the asset or liability with a journal entry. The other side of the journal being the business bank account. Any questions feel free to add them here.

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