If you are are looking to pay part salary part dividends or do not want to use the in product payroll and just record payments made just reply back here and we can go through how to record this. The position is on the Finance Team and will report to the Director of Finance. We work for them by providing smarter business tools. I was advised to set up an Equity account called Dividends Paid and expense it that way. As the business owner, you need to pay yourself to cover your personal expenses and justify the time you spend working in your business. Select the transaction that you would like to explain. -> i've just gone to QB to set up VAT. The business owner determines a set wage or amount of money for themselves, and then cuts a paycheck for themselves every pay period. To learn how to create accounts in your QuickBooks, choose your product: QuickBooks Online or QuickBooks Desktop. Very good knowledge of Quickbooks Online or Simple Accounting. If for example you have a liability set up for the directors loan and you want to record any personal transactions they use the business funds for you could reduce the liability amount on the directors loan by attaching expenses to it yes. You misunderstand the rules. With regard to taxes, C Corps are different from all other types of business entities. Recording purchase invoices on Quickbooks. Popping them in the journal (I haven't ventured into that yet on QB) sounds a bit like writing something in a diary - unless you check the diary, the entry does not do anything- I guess this journal is a bit different? Each owner of the business typically has an. Ready to get started with QuickBooks Online? an QuickBooks Self-Employed, QuickBooks Online Accountant. Now when i go to reconcile for my VAT quarter i need to put it somewhereto where and how? Add or remove a company director in QuickBooks Online Standard Payroll. __________________ Jenny Responses are my opinion based on the information provided. That aside MYOB will calculate the tax as though all of the funds were earned it the one pay period, so you need to independanty calculate th correct ax and overwrite the MYOB figure. Enter the amount of the dividend in the "Credit" column to offset the debit . Any such payment made to directors of a company is to be recorded in the books of accounts with the help of a journal entry for directors remuneration. Open the chart of accounts and choose "Add." Add a new "Equity" account and title it "Owner's Draws." If there is more than one owner, make separate draw accounts for each owner and name them by owner, e.g. That's what I learned on another forum. How do I record this in Quickbooks please?