I borrowed some money from the company and want to repay the loan by offsetting an expenses claim. How would I record this?
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
I owe the company money in this instance not the other way around.
Hi Di,
I don't quite understand. Are you saying your situation is different now to what you described on 21 December 2012?
Regards,
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,