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October 18, 2020
Question

How do I input/log what I pay myself each week?

  • October 18, 2020
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1 reply

October 18, 2020

I've got your back on this, ekstensive-scene.

 

The first step is to set up an owner's draw account and use it to track withdrawals from the company's assets to pay yourself as the owner. I'll show you how to do it:

 

  1. Go to the Accounting menu and click Chart of Accounts
  2. At the upper-right, click New
  3. Select Equity as the Account Type
  4. Choose and click the Owner's Equity
  5. Give a name for the equity account and then enter an opening balance. 
  6. Click Save and Close.

Here's how you can use the account to pay your wage:

  1. Click the +New button from the left menu.
  2. Select Cheque
  3. Enter the bank account your fund will be withdrawn. 
  4. In the Account field, select the equity account we set up.
  5. Click Save and close

For additional tips on how to pay yourself in QBO, feel free to read through this article: Salary or Draw: How to Pay Yourself as a Business Owner.

 

To review the cheque, you can run the Check Detail report. Below are the instructions on how to do it:

  1. Go to Reports.
  2. Enter Check Detail on the search bar.
  3. Customize the filter of the report if needed.
  4. Click Run report.

If you have any other questions or need further help with this topic, feel free to connect with me again. Have a good one!