Is there a template to make a dividend payment?
feebs
Member Posts: 1
I am a shareholder of my own ltd company. I would like to pay myself a dividend and it to be recorded in my accounts and bank feed.
Is there are way to do this in Wave?
0
feebs
Member Posts: 1
I am a shareholder of my own ltd company. I would like to pay myself a dividend and it to be recorded in my accounts and bank feed.
Is there are way to do this in Wave?
Comments
Hey @feebs, I spoke with our Wave+ bookkeeping and accounting coaching team to ensure I could give you the best answer. They said that categorizing a dividend payment to yourself is fairly straightforward. If you have your bank connected, when the withdrawal is imported from your account, you'll just need to categorize this self-payment as the a Dividend/Equity. This is true as long as this drawing is made in the same fiscal period that it was declared in. If you're paying out the dividend afterwards, you would instead have to create a journal transaction which would debit retained earnings, and credit a dividend liability account before categorizing the actual withdrawal.