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director drawing cash for personal use

Sage 50 general help forum - Free help and support for all general issues
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debsy
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director drawing cash for personal use

Post by debsy » 04 Nov 2008, 14:34

hi do i use a directors loan acc or renumeration that is already in nominal
codes.

thanks
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brucedenney
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Sage Version: v30 UK/Europe/Africa

Post by brucedenney » 10 Nov 2008, 17:28

Directors take money out of the company during the year and then at the end of the year, they notionally pay that money back (but normally pay themselves a dividend and/or some salary to clear it)

The loan account, keep track of how much a director owes the company (or how much the company owes the director) it is okay for the director to be owed money by the company at year end (a debtor) but not the other way around.
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Bronson
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Post by Bronson » 17 Nov 2008, 13:57

Are you asking for the double-entry for directors taking out money for themselves?

If so, then:

Dr Director's Loan Account
Cr Bank/Cash

with the sum of money withdrawn.

At year end, they should pay it back:

Dr Bank/Cash
Cr Director's Loan Account.

John
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