Forum Message

paying myself

dont want to sound stupid but where do i record paying a weekly wage to myself?do i put iot under employee costs or something to do with self assesment liability? your help is much appreciated


Posted by Geraldine Docherty on Aug 7, 2009 3:55 PM BST

Hi Geraldine,

Are you self-employed or is the business a limited company?

Thanks


Posted by Mark McLaren (Solar Accounts) on Aug 7, 2009 4:03 PM BST

hi im self employed


Posted by Geraldine Docherty on Aug 7, 2009 4:05 PM BST

Hi Geraldine,

Since you are self employed your weekly wage is considered 'drawings' from the business. To record this, click menu File > New > General Transaction. Set the From Account to 'Cheque Account' and the To Account to 'Owners Drawings and Personal Use'.

Cheers,


Posted by Mark McLaren (Solar Accounts) on Aug 7, 2009 5:22 PM BST