just out of interest why do you need to change it?
It is effectively a loan account so would be better left in the loan nominal code rather than the bank accounts
Hi Sue
I agree with Sharon and usually process items to/from the actual Bank account via payments/receipts or process journals if its something paid personally. Although there are occasions when I may need to claim the VAT and rather than processing via a journal I will use a Bank account set up for the purpose called 'Directors Bank', so you could combine the two, although if you do that make sure you bring the Directors Bank to nil.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I'm wanting to change it because I need to pay a supplier from the loan account and if its set up as a bank account am I right in thinking I can just do a payment from the loan account.
You could set up a bank account which is for payments made personally, for the convenience of setting up such payments, then at the period end, clear the balance to the DLA.
I'm wanting to change it because I need to pay a supplier from the loan account and if its set up as a bank account am I right in thinking I can just do a payment from the loan account.
thanks
Sue
Hi Sue,
Here's how I've seen it done before. I haven't had occasion to use it myself, but I can't see where it would cause a problem. Perhaps others on here could pitch in if they can see any issues.
I'm assuming that one of the directors paid a supplier invoice with his own money. Here's the supplier and balance that was paid by the director:
Click on the OB box and edit and save as follows:
Then go to the Corrections screen where you'll see something like:
Click on Edit Item and edit and save so that the corrections screen looks like:
(N.B. the Details field needs edited at two levels)
Finally, allocate the Credit Note to the relevant Invoice(s) using the wizard in Supplier Payments.
I use a bank account called Director's personal account and clear it at year end to a loan account. My clients seem to mix and match their accounts so it just makes things easier doing it that way.
