How to pay youself

Welcome to the Community space, fksfinishworks-g.

I'd like to share some insights on how you can record the payment.

Paying yourself as a business owner depends on what type of business structure you choose. You can learn more about the process by reading this article: Salary or Draw: How to Pay Yourself as a Business Owner or LLC.

If you're a sole proprietor and do not receive a salary as an employee, then you can record an owner’s draw. This is used when a business owner takes funds out of the business for personal use.

Don't have an owner's draw account? We can create one by following these steps:

1. Go to the Gear > Chart of Accounts.
2. In the Chart of Accounts window, click New.
3. From the Account Type drop-down, choose Equity.
4. From the Detail Type drop-down, select Owner’s Equity. NOTE: S Corporations use Owner’s equity to show the cumulative net income or loss of their business as of the beginning of the fiscal year.
5. Enter an opening balance.
6. Hit Save and Close.

After the steps above, you can start recording a check to pay yourself.

Here are the steps:

1. Go to + New > Check.
2. Choose the bank account where your money will be withdrawn.
3. Select Print later if you want to print the check.
4. Fill in the check fields. In the Account field, be sure to select Owner's equity you created. The memo field is optional. It appears in the register, on printed checks, and on reports that include this check.
5. Click Save and Close or Save and New to write another check.

I've got this article for reference: Set up and pay an owner's draw.

For any additional questions regarding the details I've shared above or need help with other concerns, please let me know in your reply. I'll be right here to assist you again. Have a good day ahead.