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

  • 1
  • Question
  • Updated 1 year ago
  • Answered
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?
Photo of davkell

davkell

  • 562 Points 500 badge 2x thumb

Posted 1 year ago

  • 1
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 39,266 Points 20k badge 2x thumb
Yes
Photo of Michael Corrigan

Michael Corrigan

  • 570 Points 500 badge 2x thumb
Yes it is just drawings and not an expense of the business
Photo of davkell

davkell

  • 562 Points 500 badge 2x thumb
Awesome. Thank you. 18months down and now I think I'm 100% on top of Reckon and business records. Cheers.
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 39,266 Points 20k badge 2x thumb
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.
Photo of davkell

davkell

  • 562 Points 500 badge 2x thumb
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.