Directors loan
TMcD
Registered Posts: 1
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
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
0
Comments
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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,
Burg0
