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Category for Dividend, what's the correct one?

PGTPGT Member Posts: 2

I transfer money from my business account (connected to wave apps) to my personal account (not connected) via e-transfer.

This shows up in my transactions as uncategorized. When I try to choose a category, there isn't a "Dividend" option or anything close to that. What's the recommended category to use for these transactions?

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in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @PGT,
    If you are here is the US then it will depend on the business structure. S-Corp - I would create an account under the Equity section of the Chart of Accounts called Distributions. If you are sole prop or single member LLC then code to the default account Wave has built in, Owners Drawing. Hope that helps.

  • PGTPGT Member Posts: 2

    @Mikeg thanks. I have an Incorporation in Canada and I had to create a new Equity Account and just named it Dividends.

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