how to record owner's drawings

Question

Hi

Have some question below, please help:

*  I and my husband are running a business and we both are the directors of the Company. I am   looking all            accounting matters of the business (record transactions, lodge BAS and Annual Tax Returns). Just wanted           to know, can I pay wages/salary to myself as a company director? if yes, how to record it?

*  My personal car is gone for major repair for last week. Can I use my Company VAN for my personal use as          I don’t have any other vehicle? What records I need to keep and how to record the transactions?

*  I have sold my Company VAN in December 2020 and received cash from someone. As a company                       director (me and my husband) we kept the amount for our personal use, please advise how to record the             transactions?

Many thanks

Ravinder

Tracey_H · Accepted Answer

Hi @Ravinder

Thanks for your post. As we're not permitted to give tax advice you will need to discuss all of your questions with your accountant to make sure you are reporting correctly for your business. If you are going to be drawing wages for yourself and your husband you would process pays as you would any other employee through Process Payroll.

Once you've spoken to your accountant and know what you need to do, we'll be happy to help with how to do that in your software.

Please let me know if you need further help.

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