Dividend and wages

[Matt2]

My consultancy business is set up so that I take a basic salary and also a dividend. How do I do this on Quickfile please?

Matt

[Lurch]

Entering salaries, dividends and drawings

Entering salary (PAYE) payments, dividends or other drawings is simple in QuickFile. You can enter these transactions in the banking area. In fact you can enter almost any type of transaction in the bank statement view screen using the bank tagging method. OK let’s first open the bank from which the payment was made. If you have uploaded a bank statement to QuickFile then you may already be able to find the transaction that relates to the salary or drawing. You can also add a new transaction t…

Recording payroll

Introduction A common query that comes up on our forums are in regards to recording payroll. How you record it does depend on your setup, but we'll look at both options below. The 2 ways that payroll can be handled within QuickFile are: With a payroll journal Without a payroll journal 1. With a payroll journal The advantage of a payroll journal is that it allows you to record it prior to paying your employees, and it would show as a Liability on your balance sheet report. If you run your own…

Dividends

Introduction Dividends can be used as a way to distribute profits accrued in a limited company to its shareholders. Dividends are a viable option for small and large company shareholders and are often combined with a Pay As You Earn (PAYE) scheme to deliver a tax efficient means of remuneration for the company’s owners. How are Dividends Issued Dividends can be issued only when there are sufficient profits available in the company to do so. These profits must be calculated after all tax liabil…