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Paying myself.

Stuartd131162Stuartd131162 Member Posts: 3
Hi. Stuart here.
Can some one please explain how to use wave to record paying myself. I am a sole trader and take a set amount every month but am not sure how to record it in wave.? Thanks.
in Payroll & Employees Technical Support

Comments

  • Shaun_SGL_ServicesShaun_SGL_Services Member Posts: 16

    Hi Stuart,

    On Accounting > Transactions add a journal transaction.
    You should add a debit entry for the account "Owner's Equity" (drawings) and a credit for the same amount on the payment type you use to pay yourself, Cash, Bank Account etc

  • Stuartd131162Stuartd131162 Member Posts: 3
    Brilliant. Thanks very much.
  • Nick_WillderNick_Willder Member Posts: 4

    Thanks Shaun.
    My follow-up is slightly more complicated. My wife and I have a part-time business as joint owners. We rarely 'take money out' as drawings, but when we do, we want to describe which of us has pocketed the cash. A journal entry "Bank" to "Owner's Equity" isn't achieving this.

    If it helps, we have two cash accounts set up in Wave, one for each of us, as we often buy bits and pieces for the business from our own pockets.

    My guess is we should transfer from Bank to personal cash accounts, then draw from those. However, if the cash account is sufficiently in credit, I guess there is no actual drawing?
    Nick

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