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EmilieNuage
October 22, 2021
Question

Paying myself as a partner on QuickBooks Online

  • October 22, 2021
  • 1 reply
  • 0 views

Hello, 

I am in a partnership and we pay ourselves a monthly salary. These transactions are imported automatically since I linked our bank account. How do I categorize these transactions as self-payments rather than expenses? I want to ensure that these self-payments are not categorized as expenses that count against our earnings when it comes to determining taxes. I'm currently using QuickBooks Essentials in Canada. 

1 reply

T
Trish_T
October 22, 2021

Hi EmilieNuage,

 

It's vital that you're recording self-payments correctly to keep your records accurate.  QuickBooks online has the tools and options you need for these types of situations.  In this case, it's best to reach out to your accountant to ensure you're taking the right course of action. We'd be glad to help you set this up, based on their advice.

 

As you've mentioned, you'd prefer not to record it as an expense.  Therefore, the other option would be to set this up as a payroll item by adding yourself as an employee.  This would be a bit of a workaround, as there's currently no way to properly create an employer to payroll.

 

If you currently don't have an accountant, you can Find a ProAdvisor here.

 

If you have any other questions, don't hesitate to reach back out.

 

Take care and enjoy the rest of your day!

 

 

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