On 12/9/21 19:38, Stan Brown wrote:
On 2021-12-09 11:04, Gyle McCollam wrote:
If the loan is to the company, as stated in your original email, it is a
liability of the company. Stan is incorrect, but if the company makes a loan
TO the director, then it would be an asset of the company and he would be
correct.
But the OP said:
... as I thought that was the closest thing to allowing money to be
moved out of the company, into my personal bank account.
When I tried to pay myself using GnuCash, I was expecting money to go
out of the company bank account,into my personal account, and reduce
the company's liability. However when I set up a bill, I could see it
was only possible to bill this as assets or expenses - *not as a
liabilitiy*. Does this mean I need to set up another account for
expenses?
"money out of the company into my personal bank account" -- that seems
pretty clear to me that the company is lending the director money, not
the other way round.
1. Lending money.
2. Paying a Dividend.
3. Reimbursement for expense paid by individual.
4. Reduction of equity share (stock buy-back).
All of those could be "money out of the company into my personal bank
account".
--
Stephen M Butler, PMP, PSM
stephen.m.butle...@gmail.com
kg...@arrl.net
253-350-0166
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GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8
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