Simple procedure in paying yourself when you own a business?

Question

Simple procedure in paying yourself when you own a business?

Answer 1

If you are operating a sole proprietorship treat cash withdrawals as follows:

Debit an Owners Drawing account

Credit Cash on Hand or Cash in Bank

and either write yourself a check or take cash from the till.

Treat merchandise withdrawals as follows:

Debit an Owners Drawing account for the cost of the goods

Credit Merchandise Inventory for the cost of the goods

Hope this helps

Jerry-the-bookkeeper

Answer 2

If incorporated, loan your self $$ when needed and at year end either declare a dividend or bonus to offset the loan account.  

If a registered company does not matter as it's drawings that to not go against income

Answer 3

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