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M3PB
Level 2

How can I input a shareholder's name in "payee"?

I am an owner and an employee of S Corp. How can I input a shareholder's name in "payee" when I paid me a distribution?
2 Comments 2
Jovychris_A
Moderator

How can I input a shareholder's name in "payee"?

Let me help share an insight to input a shareholder's name in the "Payee" field, @M3PB.

 

You'll want to allocate yourself as a vendor in the Payee field since you're paying yourself an S-Corp distribution.

 

Here's how:

 

  1. Go to Get Paid & Pay or Expenses, then select Vendors.
  2. Select New vendor.
  3. Complete the fields in the Vendor Information window.
  4. Select Save.

 

For more details to settle a business owner's distribution: Set up and pay an owner's draw.

 

You can also consult your accountant for more ways to set up yourself as a Payee when paid an S- Corp distribution. This way, you'll know if you're tracking distributions properly. If you don't have one, you'll want to search for an accounting professional in QuickBooks: Find a QuickBooks ProAdvisor.

 

Feel free to comment if you need further assistance. I'm always here to lend a hand. Stay safe.

M3PB
Level 2

How can I input a shareholder's name in "payee"?

Thank you, Jovychris_A.

 

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