The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> Welcome to The Book-keepers Forum! -> Directors Loan Account
Post Info TOPIC: Directors Loan Account
Lee Daniel


Member

Status: Offline
Posts: 12
Date:
Directors Loan Account
Permalink  

Hi, Can anyone help, I have starting working for a new  Limited company, 

The director started trading in Jan and has paid various expenses for the business out of his personal account , No money has been put into the business as he is waiting for the Sales invoices raised to be paid, he is then going to settle the amounts owed to him. We use Sage is the best way around this to set up a Directors loan account as a Bank ?

Any help would be appreciated.



__________________
woody88


Senior Member

Status: Offline
Posts: 227
Date:
Permalink  

Hi Lee,

I usually set the Directors Loan Account up as a Bank Acocunt if I am using Sage, as it's easy to post any payments direct from the Bank Sceen and also if the expenses are reimbused you can use the transfer button to transfer money from the buisness bank account to the Directors Loan account.

Hope this helps.

Ben



__________________
Lee Daniel


Member

Status: Offline
Posts: 12
Date:
Permalink  

Hi Ben,

Thanks for your reply, do you use the directors loan account for all expenses , at my last company we set up the director in the suppliers ledger and paid expenses that way, was this incorrect ?

Regards
Lee


__________________
woody88


Senior Member

Status: Offline
Posts: 227
Date:
Permalink  

Hi Lee,

You could set each director as a seperate supplier too, that way you can post all invoices to each nominal and match to the receipt. You can then pay off the Directors supplier account via the (Bank Area) Directors Loan account if the money has not yet been paid or alternatively pay via the main bank if being reimbused via a bank payment.

Ben



__________________
Lee Daniel


Member

Status: Offline
Posts: 12
Date:
Permalink  

Hi Ben,

Sorry for late reply, thank for your help so it can be set up either way.

Regards
Lee

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> Welcome to The Book-keepers Forum! -> Directors Loan Account
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About