Please, can someone help. My boss sold his car, but the cheque was made out to his business, and banked into the business account. How on earth do I code this in MYOB? I have a directors drawings code, but I don't think this would be appropriate for the sale. Thanx
Was it definitely not a company asset that was sold?
Assuming that this is just an oversight then its the equivalent of the direcor making as loan to the company so take to the DLA with the sale as though the director had sold the car and then deposited the funds in the company account.
To repay the director from the company you are simply reducing the balance of the DLA account.
Don#t use MYOB but the entries are pretty standard in out of the DLA.
HTH,
Shaun.
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Shaun
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