Hi everyone! I've just started back to bookkeeping after a rather large break and am stuck on something!
I have a director of the company I work for, who wants his wages to be put back into his directors loan. The loan is set up as an other asset account. (He started the company with a positive figure in this account. He has since lent money to the business from it, and so it is now zero balance). So he wants his wage each and every week to go into this account. I am bamboozled as to how to do this. I originally set up a clearing account and had his payroll run into their so I could transfer to his loan account, but it then goes into the loan account as a negative figure! How can I get that wage to go into the loan account as a credit, whilst still showing on the main account journal that the wage has been paid, but not taken out (so a credit against that debit)? He definitely wants it set up in payroll, so I have no option to do it another way. Any thought?
I am using Reckon Premier 2017 by the way!
Thanks for reading! Have a great day!