Directors loan

TMcD

Hello

The director of a small company has loaned £10K to the company, wants the money paid back as soon a possible but is not sure if the company will be able to pay him with in a year or not. In a months time it will be able to pay him at least half back, should this be a long term liability or a short term?

Currently I have set it on nominal code 2301

Thanks

burg

Directors loans are normally short term. I assume you mean a Sage nominal code. Off the top of my head 2301 is normally for general loans. This should be fine but just change the description to directors loan.