I am a sole trader, how do i allocate the wage i pay myself each week?

Geoff Bryant
Member Posts: 53 Reckoner

I run a gardening business and as from 1st of July 2018 I want to start paying myself a fixed amount each week from the business, instead of taking money as I need it.
What is the best way to allocate this payment in Reckon One, is it directors fees, or what else?
Thanks,
Geoff.
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As a sole trader, the payments are drawings. Have a look at your chart of accounts in the equity area for a suitable account .
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Thanks Tanya,
I only have 3 accounts under Equity and they are, Equity, Opening Balance Equity and Retained Earnings Surplus/(Accumulated Losses). I don't think any of those would be suitable
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Hi Geoff, add a new Equity type account to your Chart of Accounts. Call it Drawings. Your Accountant may have an account number they wish you to add to the account as well.1
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Awesome, thanks heaps for your help Tanya.1
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