Forum Message

Owner's Wages & Drawings

Do I need to print off and invoice for my withdrawn wages? Yes, self-employed, VAT reg.. Any help please.


Posted by Kathy L. Short on Jul 28, 2010 10:36 AM BST

Hi Kathy,

Since you are self-employed your wages are just considered a withdrawal of money from the business. Record a General Transaction from the 'Cheque Account' to 'Owners Drawings and Personal Use'.

Regards


Posted by Mark McLaren (Solar Accounts) on Jul 28, 2010 10:46 AM BST

Great, thank you. Do I need to print off an invoice?
Gratefully,
Kathy


Posted by Kathy L. Short on Jul 28, 2010 10:52 AM BST

Hi Kathy,

I'm afraid I don't know what the document requirements are for tax purposes - you will need to ask your accountant or local tax office.

Regards,


Posted by Mark McLaren (Solar Accounts) on Jul 28, 2010 11:37 AM BST