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BCarlisle10
January 23, 2023
Question

Categorising transactions

  • January 23, 2023
  • 1 reply
  • 0 views

Hello,

I recently downloaded Quickbooks and back tracking all transactions into categories.

I’m a company director of a limited company, it’s solely myself in the business.

When a customer has paid for a service from myself i’ve then been paying myself by bank transfer but unsure what category to put this in? 
Would it come under the liability category? I’ve seen ‘Directors current account’ ‘Dividends payable’ and ‘wages and salaries control’ what it be one of these?

Thanks.

1 reply

A
Ashleigh1
January 23, 2023

Hello BCarlisle10, 

 

Welcome to the Community page, 

 

So if it’s a payment coming in it should be for the service you have provided and then you only pay yourself out of the profits as a wage, you should and we advise that you speak to a trained and qualified accountant who would be able to advise how to record what you want more as we are just technical support. As if you are vat registered did you put vat on the transaction as a dividend does not have vat on it as it’s a wage. So we recommend you reach out to an accountant on this question who will be able to help and advise you correctly and better. 

 

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