Directors loan

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TMcD
TMcD Registered Posts: 1
in General discussion
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

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  • burg
    burg Registered, Moderator Posts: 1,441 mod
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    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.
    Regards,

    Burg

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