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blackwoodfl
Level 1

What category I have to use for the money I pay my seft in Intuit quickbooks online. My company is an LLC and I have no employees.

 
2 Comments 2
Kendra H
QuickBooks Team

What category I have to use for the money I pay my seft in Intuit quickbooks online. My company is an LLC and I have no employees.

Good morning, @blackwoodfl

 

Thanks for posting your question here in the Community. 

 

Each business has a unique set, so I recommend consulting with an accountant to ensure that your books are accurate. 

 

Some business owners pay themselves a salary, while others take an owner's draw to compensate themselves. You may use these methods. If so, you can refer back to this article as it has additional information with how to pay yourself in a Partnership in QuickBooks Online (QBO): Salary or Draw: How to Pay Yourself as a Business Owner

 

If you have any more questions or concerns, please don't hesitate to comment below. Have a safe and productive weekend ahead!

Rustler
Level 15

What category I have to use for the money I pay my seft in Intuit quickbooks online. My company is an LLC and I have no employees.

@Kendra H 

 

Though I know you, and any of the other intuit employee's, will not say one word, the article you referenced,
https://quickbooks.intuit.com/r/payroll/salary-or-draw-how-to-pay-yourself-as-business-owner/
is so full of mis-statements and confusing statements that it should be deleted permanently and the author fired.

 

@blackwoodfl 


For anyone else reading, how you get paid as the business owner depends ONLY on how you file your federal taxes.

 

If you use a Schedule C or Form 1065 - the owner MUST use equity draws. Only a c- or s-corporation uses payroll for working owners, in fact a c- or s-corporation must use payroll for working owners.

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