Hi everyone,
Another newbie question from a non-accounting person.
I'm a one man show incorporation and I need to pay myself. In other words, since |I am not an salaried employee, take dividends from the income the corporation generates.
I have created myself as a supplier as per the SAGE's Help section BUT, what account do I record the transaction against when cutting the check? When SAGE's help section says to put the expense against equity, that makes sense to me but, I don't see any account listed for dividends in the Equity section (3000) nor anything in the Expense section (5000) for dividends paid out.
I do however have 5 User-Defined expense accounts listed in the Payroll Expense section (5400). Is it just a matter of renaming one of those and using it? Since I am not a salaried employee, that doesn't seem like the right way to go to me. Am I wrong?
Thanks in advance to all who reply.
Cheers,
Marc