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Post Info TOPIC: Borrowing cash to pay into the business account
paul1015


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Borrowing cash to pay into the business account
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Hi All,

 

I own a small business and use sage 50 accounts to post all transactions. I've borrowed £235.00  from a friend who transferred the payment into my business bank account from his bank account. Can someone advise how I can enter the payment please. I have a directors loan account setup but I'm not sure if I should use this account or if it should be used because my friend is not the director of the company. Please advise what account should be debited and credited. The money has already been used to pay for bills. Your advise will be greatly appreciated.

I've also transferred £425 from my personal account into the business account and I'm unsure how to enter the transaction in sage.

Regards

Paul



-- Edited by paul1015 on Tuesday 28th of January 2014 07:12:47 PM

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Peasie


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Is that not a personal loan from your friend to you and then in turn you as Director have loaned the money to the Company?


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Cheshire


Master Book-keeper

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Hi Paul
My question is the same as Peasie's for the first part of the transaction.

To enter your payment in sage....use the Bank screen/enter as a 'receipt' and use the DLA nominal code.


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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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