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Drawings/wages - how to record?

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Hi,

I've been putting my drawings (wages I pay myself) down as "wages" on my banking reconciliation - now I'm starting to think this is not right.....how should it be recorded please? Thanks

QuickBooks Self-Employed

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emmam6Answer

Hello Community Users! Just wanted to pop in and add a comment to this thread. You would categorise wages/money you pay yourself as an owners withdrawal - you can see our guide here for full info on this. Wages & staff costs, as the name suggests, is for employees of the company. Their wages/costs are taken off your Top Line (Gross Profit) along with other allowable expenses in order to calculate the profit.

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Gwy1

I likewise have the same question! I'm a few years Ito doing all my books on spreadsheets, now switching to QB and struggling with the terminology. I need to record payments (expenses) to myself and co-director. Are these wages/directors loans/drawings?

when paying ourselves dividends, are these drawings or one of the dividend types listed?

We have a small Limited business, I refrain from asking my accountant these questions right now as its such a hectic time of year.

Any tips or direction for me as a newbie are appreiciated

E

emmam6Answer

Hello Community Users! Just wanted to pop in and add a comment to this thread. You would categorise wages/money you pay yourself as an owners withdrawal - you can see our guide here for full info on this. Wages & staff costs, as the name suggests, is for employees of the company. Their wages/costs are taken off your Top Line (Gross Profit) along with other allowable expenses in order to calculate the profit.

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