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January 6, 2020
Question

I amA sole trader and wonder how I should enter the money I take out of the business as “Salary”

  • January 6, 2020
  • 1 reply
  • 1 view
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1 reply

MikiD
January 6, 2020

I'd be happy t share some information about this, malin.

 

As a sole trader, you can record this transaction in QuickBooks by creating an expense. When doing this, you can use the Owner's Draw as the category. 

 

Below are the steps to do this:

 

  1. Click the Plus icon from the left menu. 
  2. Select under Suppliers
  3. In the Category column under Category details, choose Owners Draw.
  4. Type in Salary on the Description field. 
  5. Enter the amount and hit Save

 

Lastly, it'd be best to have a one on one discussion with your accountant about this concern. 

 

Keep dropping your questions here if you have any. We'll be glad to help you with them.