How do I pay myself each month in Wave?

Bowjest

Hi everyone,

This may seem a silly question, but I can't find what appears to be a definitive answer.

Once I have accounted for all my income and expenses each month and then withheld the appropriate amount for taxes, how do I go about paying myself as far as Wave is concerned?

Here is an example:

Let's say for one month my total income is £2,000.
My total expenses are £250.

£2,000 - £2250 = £1,750

I then withhold 30% from this for tax giving me £1,225 as my salary for the month.

But how do I enter this payment of £1,225 in Wave? What should it be classed/labelled as?

Any advice would be very much appreciated.

Thanks.

CallieP

Hi @Bowjest , thanks for this question! In this case, if your remainder is equity that you're withdrawing as salary, you can categorize it as Owner's Investment/Draw. This will make the expense to yourself be considered an equity movement to your personal accounts!

Bowjest

@CallieP Thanks! I'll give that a try.

I really appreciate your help.

Bow