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hendowork
Level 1

How do i set up an account to pay dividends in quickbooks australia?

 
1 Comment 1
Rustler
Level 15

How do i set up an account to pay dividends in quickbooks australia?

Typically the company has a meeting where the payment of dividends is authorized as of a certain date.

then you use a journal entry to move retained earnings to a dividend payable account you create if needed

debit retained earnings, credit dividends payable

 

when the payment date rolls around you make dividend payments to the shareholders and use that dividends payable account as the expense (reason) for the payment