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May 10, 2020
Question

How do I pay myself without payroll

  • May 10, 2020
  • 1 reply
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1 reply

BettyJaneB
May 10, 2020

Good day, @andycottonpm.

 

I've got some instructions to provide on how you can pay yourself with having ha payroll subscription in QuickBooks Online.

 

You can write a check for your salary since paying an employee is an expense transaction for your company. Make sure to select the appropriate expense account for this entry. In this case, you also need to manually calculate the deductions so can enter the net amount.

 

To do that:

  1. Tick on the + New button.
  2. Under Supplier, select on Cheque.
  3. Choose your name as the Payee from the drop-down list.
  4. Specify the Bank Account where the money will be withdrawn.
  5. Complete the cheque fields. 
  6. You can also put a memo in the Memo field to indicate what this check is intended for. 
  7. Hit on the Print or Preview option if you want to print the cheque.
  8. Press on Save and close.

To give you more details about generating cheques in QBO, please see this link: Create, modify, and print cheques.

 

On the other hand, if you don't have any employees and your running your business as self-employed. We have another program for sole traders, freelancers & self-employed workers who need to submit a Self Assessment tax return. This tracks income and expenses from one place, sort personal from business finances, and has everything in order when it’s tax time.

 

You can scan though this article. to learn more about this process: QuickBooks Self-Employed

 

Lastly, if you have several employees that you need to run payroll with, you can always subscribe to our payroll subscriptions. This way, deductions will be calculated automatically and will give you the option to send RTI to HMRC from the system.

 

For more details about the different subscriptions that we offer, you may visit these resources:

Know that my doors are always open to help if there's anything else that you need. You can visit me here any time. Stay safe, Andycottonpm.

 

 

 

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