Hi, AndyA60.
Generally, if it is a director's loan to the business it is set up as a liability as it is money loaned to the business.
Let's record the transaction of your LTD company money we got from the loan and then its payment. Let me walk you through the steps:
- Select + New and then Journal entry.
- Under the Account column, add the company’s bank account where the payment will come from, and the director’s loan account where the payment should go to.
- Under the Credits column and in the same row as the bank account, enter the amount of payment.
- Under the Debits column and in the same row as the director’s loan account, enter the same amount as the payment.
- Add a description and/or memo such as loan payment—for tracking purposes.
- Select Save and close.
We can also read through this article: Record a director's loan in QuickBooks Online.
I'd also suggest we speak with our accountant for the proper posting of your transactions.
Once done with the set-up, let's match the imported transactions to the existing account so it will post to the correct accounts. Here's how:
- Click Banking in the left panel and choose Banking.
- In the For Review tab, select the imported transactions.
- Click Find a match and then Save.
I've included these articles that may help us with the process:
Feel free to message us again if we have follow-up questions. We can always count on us here in the Community at any time. Have a great day ahead.
