How do I reflect PAYG tax in Reckon One as a sole trader?

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davkell
davkell Member Posts: 25 Reckoner Reckoner
edited October 2024 in Reckon One
As a sole trader just completing my first year, I now have a PAYG tax bill due based on the $Net financial results for the year, and will be then required to pay quarterly PAYG. How do I reflect these withdrawals from my account? Do I just withdraw as 'Drawings' the same way I do when pulling out net profit as personal income?

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  • Zappy
    Zappy Accredited Partner Posts: 5,314 Accredited Partner Accredited Partner
    edited August 2019
    Yes
  • Michael Corrigan_9203178
    Michael Corrigan_9203178 Member Posts: 63 Novice Member Novice Member
    edited August 2017
    Yes it is just drawings and not an expense of the business
  • davkell
    davkell Member Posts: 25 Reckoner Reckoner
    edited August 2017
    Awesome. Thank you. 18months down and now I think I'm 100% on top of Reckon and business records. Cheers.
  • Zappy
    Zappy Accredited Partner Posts: 5,314 Accredited Partner Accredited Partner
    edited August 2019
    Maybe if you undertook the Cert IV in bookkeeping it could move things along a bit. Just a suggestion. The course I did used myob but Im sure some of the Insts use Reckon.
  • davkell
    davkell Member Posts: 25 Reckoner Reckoner
    edited August 2017
    Thanks for that Kevin. Never thought about it before. I'm pretty much on top of what is required now for this business, it's not too complicated fortunately, but I will check out the certificate anyhow, might be interesting to keep the brain functioning. Cheers.
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