Can someone help with how I record dividends paid to directors in the UK (quickbooks online)?
Can someone help with how I record dividends paid to directors in the UK (quickbooks online)? I'm not an accountant and there is a lot of posts out there that confuse me.
Here is the scenario -
Quickbooks online brought in the new transactions automatically under the Banking section. I now have to categorise them. How do I do that? Is it an Expense, I am not sure. I always thought dividend were payments out of profit. How do I record this? If possible, can you spell out the sequence and exactly how I should record it (sorry for my ignorance)
My company recently declared a dividend payment of £20,000 to both shareholders (all the paperwork, vouchers and meetings were correctly followed). I made the relevant payments from the bank to the shareholders. Now I need to recognise this in quickbooks.