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Odd Pay

====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 ========

Reply to
jhunter
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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.

Reply to
L

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

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smserba dbo ca

Reply to
Stephanie Serba

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.

purchases made

preferences

quarterly tax

Reply to
!-!

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