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poundawebsite
September 24, 2021

Directors Loan Account Logging Payments from Director's Personal Bank Account

  • September 24, 2021
  • 1 reply
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Hi, I've made a series of payments from my personal accounts on behalf of my new business and, as I understand it, I have to register these in a Director's loan account. I need the money back as soon as I possibly can so I was keen not to tie it into the business any. I'm not looking to charge my company interest. 

 

How do I record this in Quickbooks please? 

 

Many thanks, 

 

Beanie. 

    1 reply

    Tash_BewitchingBookkeeping
    Tash_BewitchingBookkeeping
    September 25, 2021

    Morning - Initially, i would create a Journal for this 

    Debit the expense code it relates to and then

    Credit the Director loan account,

     

    When/if the company repays this.  It would be payment from the bank (CR) and then expense code would be directors loan account,

      O
      onerealbeanie
      September 25, 2021

      Hi Tash!

       

      Loving the username! Thanks for your message. 

       

      I presume for each payment I can record it as a transaction and add my receipts etc and maybe that that is what you mean as standard? Can a journal be used for dates in the past?

       

      Thanks and Kind Regards, 

       

      Beanie

       

      Edit: I've just realised, I've ended up with two accounts on the forum but I am also poundawebsite!

        Tash_BewitchingBookkeeping
        Tash_BewitchingBookkeeping
        September 25, 2021

        Yes that correct.  You could, for example, do a monthly journal for any payments you make from your personal account.  Whatever works for you.

         

        Thank you for you comment about my user name :-). Love my Business name :-)

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