Help creating Directors Loan accounts

[hayleymillar]

I have been asked to put accounts for an 18 month period onto Sage. The business hasn't been very organised & it just so happens that none of the purchases for the first 6 months have been paid through the company bank account, instead it has been paid by the directors. They have been taking directors loans from the company for means of payments. But how to I create the directors loan account in Sage? Should I use some of the bank accounts that aren't being used and change them into directors loan accounts? I can't find a nominal code for directors loans.

Would be grateful for help. I am new to Sage & feeling bit out of my depth.

Thank you

[brucedenney]

As always there are lots of ways to do this.

I think a bank account for each director is not a bad way to do it, it might also be handy down the road if they carry on buying things on expenses.

However, there are other ways, supplier accounts would work, but not so good, because the directors are not really trade creditors and quite often directors end up borrowing money for short periods as well as lending it so having something that can be a debtor or creditor is handy.

The traditional place to create an account for directors would be in the Creditors Others area 21xx or 22xx

see here for more ...

http://support.makingithappen.co.uk/gui ... ominal.htm