I understand the importance of recording the dividend payments in QuickBooks Online (QBO), reiss. Let me walk you through how you can record the pay yourself.
In QBO, you can pay yourself by creating a new account within the Chart of Accounts (COA). After creating an account, you can now create a Cheque to pay for your wage. Ensure that you use the created account in COA so that the transaction will be stored there.
Here's how:
Step 1: Create an account in the Chart of Accounts.
- Go to the Gear icon located in the upper right corner.
- Under the Your Company column, select the Chart of Accounts option.
- Click the New option located beside the Run report.
- In the Account Type, choose either Expense, Liability, or Equity.
- Within the Detail Type, select either Partner Distributions or Owner's Equity.
- Enter the Name of the equity, the Description, and its Balance.
- Click Save and Close once you're done setting up.
Step 2: Create a cheque
- Go to the +New option in the upper left corner.
- Under the Suppliers column, choose Cheque.
- Choose the name of your payee in the Payee dropdown.
- Within the Bank Account dropdown, choose the account from where the check withdraws the money.
- Fill out the other necessary fields such as the Payment Date, Category, Description, Amount, and VAT.
- If you have no VAT, you can click the Amounts are dropdown, and then select No VAT.
- Once you're done, click Save and close.
You can also reach out to your accountant for more accurate recording of transactions.
In addition, you can refer to these materials to learn more about how to set up and add accounts to your chart of accounts and how to pay yourself:
To review the cheque you've created, you can run a report named Check Detail report. You can also customise your reports to get the most out of your financial reports.
You can always ask us anything related to QuickBooks by entering your concerns in the comment section. We're always around to help.
