Business borrowing is straightforward to account for when the paperwork is kept tidy as you go. Leaving it until year end usually means hunting for documents and reconstructing what happened. A few minutes of housekeeping each month avoids that.
What to keep
- Your signed offer document, which sets out the terms of the facility.
- Statements for every period, downloaded from your customer portal.
- A record of each drawdown and what it was used for.
- Confirmation of repayments as they are collected.
Why it matters
Interest, fees and balances need to land correctly in your accounts. Clear records make it easy for your accountant to split the elements your offer describes and to present the liability accurately. They also help if you are ever asked to evidence how funds were used for business purposes.
Make it routine
Download each statement when it becomes available rather than in a batch later. Reconcile repayments against your bank feed promptly so nothing drifts. If you use bookkeeping software, set up a consistent way to code facility transactions.
Credicorp lends only to UK limited companies and LLPs. As an exempt business lender, we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply, which makes your own clear records all the more worthwhile.
See also: Keeping records of your complaint, Should you repay early or keep the facility running? and Can someone else pay on behalf of the company?.