Where Do You Enter A Director’s Loan Account In Bullets Business Accounting Online?

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Q: Where Do You Enter A Directors Loan Account In Bullets Business Accounting Online?

Hello. Where is the best place to enter a director’s loan in Bullet? Do I need to do a manual journal entry?
Basically, I want to show the payment from the director to the company account as a company liability.
Cheers.

  1. Peter Connor November 7, 2014
    Hi
    Are you set up as a limited company or sole trader?

    Pete
  2. hf November 7, 2014
    We're a limited company.

    Hannah

2 answers

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Peter Connor ⋅ Staff November 7, 2014
Public

Hi Hannah,
Cool, simply go to Money In, then click Add Loan/Grant and we’ll walk you through the rest of it. 
Hope that helps Hannah.
Thanks

Pete

#answer-952
  1. hf November 7, 2014
    Hi Pete,

    I'm in the UK, so have the international version of Bullet. Money In gives these options on my dashboard: overview, someone paid me, export invoice payments. I don't seem to be able to see the Add Loan/Grant option (if I'm looking in the right place)?

    This is what I have done. Set up a Director's Account. Entered the transfer from the Director's Account to the Company Current Account. Now I need to enter the loan in the company accounts. I'm guessing the best way is to do a manual journal entry?

    I really appreciate your help. Thanks for your time.
    Hannah
  2. Peter Connor November 7, 2014
    Hannah I don't have good news for you.

    1) I'm not sure how to do it manually for the UK, they might treat it different than Ireland.

    2) We wouldn't be allowed to advice on how to handle it, as we're not accountants and don't know UK law.

    Have you a bookkeeper/accountant you can ask?

    Sorry I can't be of more help :(

    Pete
  3. hf November 7, 2014
    No worries. Will ask the accountant (yes, we've got one but she hasn't used Bullet before). We'll figure it out.

    Thanks again for your time.

    Hannah

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