Newbie Sole Trader - do I create Pay Runs?
Hi there - brand new to running my business (digital sewing patterns sold online) that went from no-future fun hobby to successful trade and my only source of income in the last year. Teaching myself MYOB from the ground up for the past two weeks. I have bank transactions recording my Owners Drawings (allocated to Wages/Salaries Category) but should I also create historical pay runs for myself to prove the money went to me? Can't find any answers from google that don't contradict each other!
Hi shortwaist , drawings are not income, so you must not create a pay run for them. No confirmation of payment is required. The net profit is your income, and goes into your tax return.
Good luck with your business!
