Dividend payment

New to QB, and would like advice on the step by step process to paying myself a dividend payment from the profits of the business - monthly or annually - and how to keep an accurate account of this dividend payment in QB

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Dividend payment

It’s our pleasure to have you here in the QuickBooks Community. Let me help you in setting up your dividend payment.

A dividend is the distribution of reward from a portion of the company’s earnings and is paid to a class of its shareholders.

Here’s what we can do to setup your dividends payment:

1. Go to Accounting.
2. Select Chart of Accounts and click New button.

These are the things we need to do in creating a new account.

• Account type could be Expense, Liability or Equity.
• Detail Type can be either Partner Distributions or Owner’s Draw.
• Name can be changed to what you would like it to be, example: Dividends.
• Default Tax Code: Out of Scope
• Save

I’ll be providing a reference here if you wish to know more about how to create an account: Add an account to your chart of accounts in QuickBooks Online.

Once done, you can now use the Bank and the account you just created to write the check.

1. Click +New and then select Check . Choose the Payee from the drop-down ▼.
2. From the Bank account drop-down ▼, select the account the check withdraws money from.
3. Complete the check fields, then select Save and close.

Here’s an article if you want to know more about how to write a check. If you make a mistake, here’s how to void a check.

You can also seek advice from your preferred accountant as there are different ways to record dividends

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success

• Mark as New
• Bookmark
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Dividend payment

It’s our pleasure to have you here in the QuickBooks Community. Let me help you in setting up your dividend payment.

A dividend is the distribution of reward from a portion of the company’s earnings and is paid to a class of its shareholders.

Here’s what we can do to setup your dividends payment:

1. Go to Accounting.
2. Select Chart of Accounts and click New button.

These are the things we need to do in creating a new account.

• Account type could be Expense, Liability or Equity.
• Detail Type can be either Partner Distributions or Owner’s Draw.
• Name can be changed to what you would like it to be, example: Dividends.
• Default Tax Code: Out of Scope
• Save

I’ll be providing a reference here if you wish to know more about how to create an account: Add an account to your chart of accounts in QuickBooks Online.

Once done, you can now use the Bank and the account you just created to write the check.

1. Click +New and then select Check . Choose the Payee from the drop-down ▼.
2. From the Bank account drop-down ▼, select the account the check withdraws money from.
3. Complete the check fields, then select Save and close.

Here’s an article if you want to know more about how to write a check. If you make a mistake, here’s how to void a check.

You can also seek advice from your preferred accountant as there are different ways to record dividends

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success

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Dividend payment

Is there any way to do this from the bank transactions screen reconciling a dividend bank payment transaction?

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Dividend payment

Is there any way of doing this from the bank transactions screen in the reconciliation?

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Dividend payment

There's a way to do dividend transactions in the reconciliation. Allow me to show you how:

1. Click Bank transactions at the left navigation panel.
   
2. Click Chart of accounts .
   
3. You may utilize the filter options to find the bank or account that you'd like to work with, then click View register .
4. Click Add check dropdown menu and select check .
   

Additionally, I'd like to leave this article to know how to review your beginning balance and look for issues for accounts you haven't reconciled before: Fix issues the first time you reconcile an account in QuickBooks Online.

I'd be glad to help if you need further assistance with running your reconciliation. Have a great day.