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Post Info TOPIC: Directors Loan accounts
Elaine R


Senior Member

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Posts: 359
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Directors Loan accounts
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Hi All,

I need to set up 2 directors loan accounts to do some postings for drawings made.  Any ideas what codes to use?  Not done this kind of thing before.

Know what postings i need to do just not sure what Nominal codes to use.

Elaine



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E Roscoe
Stardoe


Guru

Status: Offline
Posts: 1470
Date:
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Hi Elaine,

I have DLA's set up under 2300 code as a long term liability.  If the drawings have been taken from the business bank account you would do a Bank payment from the relevant bank account to code 2300.

Some people also set up DLA's as a bank account which can be helpful if the Director pays for business expenditure out of his personal account.  Depends on what works best for you really and the types of transactions.

Hope this helps.



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Pauline
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