Hello Community Users! We just wanted to pop on this thread and provide some steps for recording a directors loan and repayments. You would need to go to the chart of accounts and set up a chart of account for the directors loan(depending on whether the business is owed money or the business owes money would depend on what account type you use, asset or liability) in the set up it will ask you the balance and as of date you can then fill that in and save. Once done you can then record the reduction of the asset or liability with a journal entry. The other side of the journal being the business bank account. Any questions feel free to add them here.
