Odd Pay


J

jhunter

=====
ISSUE
=====
I'm a company owner and I pay myself as money becomes available. It is
NOT scheduled or the same amount. Sometimes it's $1,000 today, $200
tomorrow, $200 again tomorrow, etc. I'm not an hourly employee. What is
the best way to handle this in QuickBooks Pro 2005 to make sure all the
taxes come out correctly both quarterly (when we file our quarterly tax
returns) and yearly?


==========
BACKGROUND
==========
O/S = Win2k Pro
Patches Installed


Software = QuickBooks Pro 2005
Patches Installed


=========
Thanks!!!
THE END
=========
 
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L

L

=====
ISSUE
=====
I'm a company owner and I pay myself as money becomes available. It is
NOT scheduled or the same amount. Sometimes it's $1,000 today, $200
tomorrow, $200 again tomorrow, etc. I'm not an hourly employee. What is
the best way to handle this in QuickBooks Pro 2005 to make sure all the
taxes come out correctly both quarterly (when we file our quarterly tax
returns) and yearly?


==========
BACKGROUND
==========
O/S = Win2k Pro
Patches Installed


Software = QuickBooks Pro 2005
Patches Installed
I know you will hate this advice, because you posted here for the answer. In
this case, tho, the answer is.... SEE YOUR ACCOUNTANT

Whether or not you even have a 'paycheck' issued depends on your company tax
structure.
 
S

Stephanie Serba

You can set up an Owner's Draws account in the Equity section of the Balance
Sheet.

Any time you take money out of the business, post a debit there and a credit
to the bank.

You can post a credit to Owner's Draws when you account for purchases made
or bills paid for the company out of your own pocket.

I would recommend you talk to your CA or CPA to find out their preferences
however.


--
Stephanie Serba, AICIA
Partner, Durham Business Outsource
Accounting and Technology
www.dbo.ca
smserba <at> dbo <dot> ca
 
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?

!-!

Owner's Draws accounts are applicable only for an unincorporated
business, not a corporation. There are reasons to believe his company
is a corporation. Best advice: as Stephanie recommends, see your
accountant.
 

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