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shah-saraei
May 6, 2019 1:56 PM UTC
Solved

How should I process my: 1)salary, 2)dividends business transactions? what categories should I give them? eg, for dividends, there is: dividends, dividends payable.

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emmam6Answer
Oct 19, 2022 3:55 PM UTC

Hello Community Users, We just wanted to add to this thread. There are a number of ways to record dividends, depending on business type etc. We recommend speaking with an account on how best to record them. 

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2 replies

Paulg1969
Sep 23, 2019 11:15 AM UTC

If you're not using Quickbooks for payroll then your salary is recorded as follows: -

 

On the assumption you're just drawing an amount of cash for yourself as required

 

Debit Director's remuneration

Credit Director's loan (hopefully a liabiity)

Credit PAYE

 

I normally det up dividends as an other expense

 

Debit dividends

Credit director's loan

 

Amounts paid to you are then allocated to the director's loan.

emmam6Answer
Oct 19, 2022 3:55 PM UTC

Hello Community Users, We just wanted to add to this thread. There are a number of ways to record dividends, depending on business type etc. We recommend speaking with an account on how best to record them. 

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