Paying "myself"
US QuickBooks Premier : 2010: Standard
how do i pay myself the business owner
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bIeJADYaSr3QjyacfA8pyY
11/02/09 3:57pm PST
1 Reply
RekaUjj
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Questions answered: 2747
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11/02/09 4:14pm PST
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It depends on what kind of business entity you own. If it is a sole proprietorship you pay a regular (non-payroll) check and put it under an Equity type account (something like Owner's Draw). If you are a one-member LLC do the same. If you are a partnership with more than one members, you might receive guaranteed payments that is an expense for the partnership. Or it can be a Partner's Draw - an Equity account. If you are an S- or C-corporation, you want to discuss your payment options with your accountant.
I hope I could help.
Reka
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