Sole Trader Wage

Question

Hello,

I am self-employed.

I'm trying to pay myself a regular weekly wage. How should I code this as it's not through payroll?

I'm also paying myself super. Would this be under Equity or Expenses?

Thank you!

Kelly.

Shella_A · Answer

Hi @Kelly_C,

I appreciate your post. I get that you're unsure about how to classify your super payments in your accounting system. I strongly agree with @gavin12345 and @DuncanS's responses. Since this is about specific financial advice, it's best to talk to your accountant or a financial advisor. They're the experts who can help you with this and make sure everything is done right. Remember, it's crucial to get this correct to follow all the necessary laws and regulations.

In the meantime, I recommend starting a new post again for any immediate assistance you may need.

Kind regards,

Shella

DuncanS · Answer

@Kelly_C @gavin12345

Kelly,

I would set up an Expense Account called Superannuation - Kelly C.

Duncan

Kelly_C · Answer

Hi Gavin,

No my Accountant hasn't gotten back to me.

I'm using Owner Drawing for my weekly payments.

I'm still unsure whether my Super payments should be under Owner Drawings also, or an Expense?