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Although not required - I suggest you create an equity type account for dividends issued.
To pay the dividend post journal entry: DR Dividends paid - CR shareholder loan.
At the beginning of the next fiscal year close the dividend account by journal entry: DR Retained Earnings - CR Dividends Paid.
Remember to do the Directors & Shareholders resolutions to authorize a dividend, and issue T5 slips in Feb next year.
Although not required - I suggest you create an equity type account for dividends issued.
To pay the dividend post journal entry: DR Dividends paid - CR shareholder loan.
At the beginning of the next fiscal year close the dividend account by journal entry: DR Retained Earnings - CR Dividends Paid.
Remember to do the Directors & Shareholders resolutions to authorize a dividend, and issue T5 slips in Feb next year.
I had the same problem. I ended up using "Partner Distribution" which I don't particularly like because the description says it's meant for something else. But there was nothing "dividend" related. Was your accountant able to help you with that?
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