Pay Day

Hi,

I'm a sole trader and would like to know how do I pay myself and where do I record the amount payed ?

Posted by C Butterfield on Jul 23, 2011 3:26 PM BST

Hello C Butterfield,

In this case the payment is just treated as a withdrawal of funds from the business. Record a Money Paid Out transaction from the Cheque Account to the 'Owners Drawings and Personal Use' account.

Regards,

Posted by Mark McLaren (Solar Accounts) on Jul 24, 2011 9:51 AM BST