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Post Info TOPIC: Directors using personal funds to make payments
Janem


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Directors using personal funds to make payments
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Hi everyone

I am having one of those days! and am new to SAGE.(Have been doing manual books in the past)

Trying to sort out the messy accounts for a Limited Company using SAGE.

One of the Directors has used his personal bank account to pay for some ad hoc items. For example his works van service.

Not sure how I go about this using SAGE. I have set up eash Director with a loan account n/c ( 2302 /2303 etc).

Having a complete mental block how to deal with these.

 



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Janem
HendyPhilhendy


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Debit expense, Credit Loan account

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Wella


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Hi Jane

You could journal DR Motor Expenses and CR Loan Account.

I suppose you could also set up a dummy bank account for the Directors payments, if this is done a lot. Make the payments from the psuedo bank account for the expenses, and on a regular basis journal Dr psuedo bank account and Cr directors account.

HTH

Bill



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Ask Andrina


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I would go with what Bill said and then you could repay him as a bank payment if he likes posting the entry to loan account.



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