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Can I pay myself randomly in QB. I am the owner and I only want to pay myself when I need it not on a regular pay shcedule

 
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Re: Can I pay myself randomly in QB. I am the owner and I only want to pay myself when I need it ...

Hello there, 4candy4.

 

I'd be happy to share with you some information on how to pay yourself using an unscheduled payroll.

 

In QuickBooks Online, you can manually select the pay period and enter the employee's earnings when running an unscheduled payroll. Please know that you can only create unscheduled checks for the current pay period all the way back to 6 months ago. The available check dates are dates that fall after your last check date and before your next payday.

 

To be able to run the unscheduled payroll, here's what you'll need to do:

  1. Click Workers on the left navigation menu, then select Employees.
  2. Click Run payroll button on the upper right-hand.
  3. Locate the employee you want to pay, then select the Create another check link.
  4. Enter the employee's compensation, including any salary adjustments, vacation or sick hours, and other pay types.
  5. Confirm the Pay Period and Pay date.
  6. Select Preview Payroll, and then select Submit payroll.
  7. If you're creating a paper check, hand write or print the check and give it to the employee by the check date.
  8. Select Finish payroll.

That's it! For additional reference, I'm including some article that you may find helpful in the future:

Keep me posted on how things goes when running payroll. I'm always here to offer you additional assistance.

Established Community Backer ***

Re: Can I pay myself randomly in QB. I am the owner and I only want to pay myself when I need it not on a regular pay shcedule

@4candy4 

 

Assuming you are taxed as a sole proprietorship or a partnership, ignore what @MirriamM told you, as an owner you can not be on payroll.  Only c- and s-corporations have payroll for shareholders, an owner is still a shareholder.

 

As an owner of a sole proprietorship or partnership you have equity accounts, and you can take cash from your equity whenever you wish

 

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here