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kwacka75's avatar
3 years ago

Wages and equity

A pay run has been created for the business owner at the end of the quarter and 'paid' from the bank account. However, the 'wage' hasn't actually been paid from the bank account and isn't intended to be physically paid. There are funds historically drawn from the business that offset the wage. It is intended to be equity. How can I record this please, so I can balance the bank account and record the equity?

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  • Hi kwacka75 

     

    Thanks for your post. You can record a general journal debiting the bank account and crediting the equity account for the net wage amount. In Banking>>Reconcile accounts tick both the pay transaction and the general journal to manually reconcile those transactions.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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