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
Hi Geraldine,
Are you self-employed or is the business a limited company?
Thanks
hi im self employed
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,