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Pay a supplier account from the directors loan acc

Normally pay by cheques to our suppliers and have already entered on sage. The director has now paid the supplier from his personal account. What is the easiest way to do correct the figures.

I think I have an idea but need to double check 

Thank you 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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30th Nov 2018 13:17

If the DLA is set up as a bank account (which is how I'd do it), just select the DLA before selecting the Suppliers option in Bank.

If it isn't, you could make a payment from a normal bank account and then journal from the DLA to that bank account.

John

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30th Nov 2018 13:19

Tell us your idea and we'll tell you if it's right.

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By Jackie4
30th Nov 2018 14:18

DLA is set up as nominal code 2300.
I wasn't to sure if you could do journal entries from bank account to nominal code.
So I would do take x amount from n/c 2300 and put it in n/c 1200 to cancel it out. But then worried about the bank reconciliation show a payment not reconciled.
Or have I confused myself!!

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to Jackie4
30th Nov 2018 14:51

If you Dr Bank, Cr DLA you'd also have a (hopefully) equal and opposite bank receipt not reconciled.

If you're feeling naughty you could just treat them both as reconciled and we'd promise not to tell a soul.

Personally, I'd set up the DLA as a bank account as John said.

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30th Nov 2018 14:19

I think I have an idea too but I'm not going first.

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By frankfx
30th Nov 2018 15:35

Share your idea. Our ideas need to be placed in context of your understanding of bookkeeping.
just seen Accountant A , is of the same mindset!
But I will post .

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By Jackie4
30th Nov 2018 15:50

My original idea was the following.
Was going to do a bank receipt from 1200 to cancel the supplier payment without touching the supplier account.
Then do straight journal entry take from DLA and put in the nominal code this case materials (5000)
Hoping everything will cancel each other yet.

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to Jackie4
30th Nov 2018 16:32

But if you did that, the invoice would still be outstanding on the supplier account - a payment has to be entered against the invoice.

John

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30th Nov 2018 16:34

stay clear of the co bank account !

effectively a contra to puchase ledger v DLA [ could be via an internal C?note media in the p/ledger supplier account no vat effect - so if this is sage t9] with decent naarative / audit trail

then :/match off/ allocate entries on purchase ledger

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By Jackie4
30th Nov 2018 18:04

Wow thank you all. I love this forum it really help me a lot as work for a small business I taught myself sage from home and started as accounts assistant/credit control now look after 1 companies books and run the office as well

I think I will go with what john suggested secondly as the Dla has already got money in there to transfer from and to etc and that looks the most straightforward way

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