How do I show paying myself on QuickBooks?

I have just set up a business bank account rather than using my personal bank account to pay Checks and cash into so will now need to pay myself. How do I show this in QuickBooks?

Asked on December 10, 2018 in QuickBooks Company File.
1 Answer(s)

Hello Nena!

Welcome to our QASolved Community Forum.

It depends on how your business is organized

A sole trader, would have equity accounts for the owner. I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership):

[name] Equity (do not post to this account it is a summing account)

  • Equity
  • Equity Drawing – you record value you take from the business here
  • Equity Investment – record value you put into the business here

For a company organized as Ltd, you need to pay yourself using payroll.

This also depends on which country you happen to be operating from.

Hope this helps.

Cheers!

Answered on December 28, 2018.

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