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Join nowYes, I assume that is where your accounting records are that are tracking your revenue and cost on income statement and your assets, liabilities and equity on your balance sheet. So that is where you would see the equity available to be distributed. You need to make sure you have 'basis' to pay Distributions. First, you must be paying yourself a reasonable annual salary and paying payroll taxes on that portion of your pay.
So I have been paying myself and paying taxes on it what would be the next step? Is it under my payroll or somewhere else?
I have been paying myself a reasonable wage and been paying taxes on it. Whare would I go to set this up though quickbooks? Payroll or somewhere else?
Hello there, @Samkujawa.
Allow me to share some details about paying yourself as the owner of an S-corp.
You can write check to yourself and post from the Equity account since you are Employee-Shareholder. This is nothing to do with your payroll.
Also, I'd suggest reaching out to your accountant to verify the process and make sure that the taxes being set up is correct.
I've added these articles to help you with the process:
For future reference, in case you want to track any specific aspects of your business financials, you may check out this article: Run reports in QuickBooks Online (QBO). This includes sub-articles about customizing and memorizing reports in QBO.
Please don't hesitate to let me know f there's anything else I can help you with. I'm always happy to assist you further. Take care.
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