Forum Message

Repaying a loan from the Company

I borrowed some money from the company and want to repay the loan by offsetting an expenses claim. How would I record this?


Posted by Di Barton on Dec 21, 2012 9:48 AM GMT

Hi Di,

Are you a director of the company? If so, record the loan as a General Transaction from the Cheque Account to the Directors Loan Account.

When recording a business expense which you pay using your personal funds, create a Money Paid Out transaction as normal, except set the Paid From Account to Directos Loan Account. This will reduce the amount owed to you by the company.

Regards


Posted by Mark McLaren (Solar Accounts) on Dec 21, 2012 12:58 PM GMT

I owe the company money in this instance not the other way around.


Posted by Di Barton on Mar 1, 2013 4:52 PM GMT

Hi Di,

I don't quite understand. Are you saying your situation is different now to what you described on 21 December 2012?

Regards,


Posted by Mark McLaren (Solar Accounts) on Mar 3, 2013 1:40 PM GMT

Hi Di,

OK I see the problem now - the last sentence of my message on 21 December should read "This will reduce the amount you owe to the company". Record a Money Paid Out transaction as described in that message.

Regards,


Posted by Mark McLaren (Solar Accounts) on Mar 4, 2013 8:21 AM GMT