I'm using Sage 50 Accountant Professional 2010. I have a ltd company. Over time I've used my personal money to fund the business. I've created a balance sheet account number 2305 and called it Directors Loan Account. On the business bank statement there's a transfer from the business account to my personal bank account. I'm not sure how to enter the transaction in Sage. Can someone kindly explain clearly how I can do this please? My knowledge on sage is not quite up to speed yet.
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Having the directors loan account set up in the 1200 range as a bank account may be the easier option. When you spend your personal money on the company it puts the account into a negative amount, then it's a simple transfer between accounts when the company pays you back. Creating a journal to move the balance would be easy enough.
I think that it's just some sort of new user confussion over the posting process. Sure that he'll soon get the hang of the site...
Much closer to banning him for being a Sage user than the multiple posts, lol. (that was a joke Sage people, put those pitchforks and burning torches back down again).
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
He's lucky it is double posting. My IE8 browser is bringing back old pages as if I'd not posted at all grrrrr.
Time to upgrade to Firefox?
Best change that I ever made.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
This seems different to my questions as it includes dividends. I have a small amount of knowledge to be able to do my own accounts. The majority of transactions are straight forward. If there a topic that is similar to what I've asked. if it's not to much trouble and you can easily find the link, I'll be grateful if you can advise me.
Thank you for the advice. Would you mind explaining how I do this please. I have a rough idea but I'm not sure if what I'm thinking of is correct. In Sage - Bank - New - Name-Directors Loan Account - Account Ref 1251. I've not gone any further because if this part is wrong I'm unsure how to delete the new account.
For the journal would I go into Modules - Nominal Ledger. If you can advise what the full procedure is I will be very grateful. Will that remove the money that's in account 2305 which is the current Directors Loan Account?
Moderators, please forgive me for the multiple postings. I'm still trying to figure out the correct use of the forum. Seems like my browser is doing it's best to get me band.
