Hi,
I realise this has been answered multiple times but I still don't understand how to do this.
When I started my business there were several bills that needed to be paid before the company had any money in the bank.
I paid for these from my personal funds and created a bill for each of them in QuickBooks.
I'd now like to record a director's loan in quickbooks to track the money I gave the company - so I can get paid back in the future.
I'd also like to "pay" these bills with the money from the director's loan - so they can be included in the company's vat return and end of year accounts.
Any advice I've found here just helps with the first part. This KB article seems the easiest way to record the loan - https://quickbooks.intuit.com/learn-support/en-uk/help-article/supplier-loans/record-director-loan-q...
Solved! Go to Solution.
You can set up the director's loan account first in the Chart of Accounts to pay the company’s bills, Manigun. I'll elaborate on it in detail.
The Director’s Loan Account refers to a specific account that tracks the money lent to or borrowed from a company by a director (or shareholder) of that company.
To set up the director's loan account you can follow these steps:
To pay the bill, here's how:
Create a Journal entry
The next step is to go to Pay Bills to link the Journal Entry (JE) that you've made with the open bills.
Moreover, once the money is reimbursed to your account in the future, you can follow Step 2 of this article to guide you through the process of recording a director's loan in QuickBooks Online: Record a director's loan in QuickBooks Online.
I'm still here if you need any more help with handling bills. Just post another question or comment back, and looking forward to supporting you.
You can set up the director's loan account first in the Chart of Accounts to pay the company’s bills, Manigun. I'll elaborate on it in detail.
The Director’s Loan Account refers to a specific account that tracks the money lent to or borrowed from a company by a director (or shareholder) of that company.
To set up the director's loan account you can follow these steps:
To pay the bill, here's how:
Create a Journal entry
The next step is to go to Pay Bills to link the Journal Entry (JE) that you've made with the open bills.
Moreover, once the money is reimbursed to your account in the future, you can follow Step 2 of this article to guide you through the process of recording a director's loan in QuickBooks Online: Record a director's loan in QuickBooks Online.
I'm still here if you need any more help with handling bills. Just post another question or comment back, and looking forward to supporting you.
You're very welcome, Manigun!
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