What is the best way to enter a Dividend Check in Enterprise Pro? ( Please note the following is simply a suggestion and we encourage you to seek advice from your Accountant in this regard)
To the bank as a deposit or the cash drawer if shop wants to deposit with the rest of the money. The offsetting entry would be up to the shop. Some create an account as an expense, some as a liability. This is between the shop and their accountant.
Note: Do not do this as a Cash Paid out as this will reduce the amount in the bank and it will not create a deposit.
Assuming this is dividend and interest income for the shop. This should be setup as another Revenue account and entered through GL Adjustment. (Balanced entry would be into the income account and into the cash drawer, probably checks)
Example:
Shop has two locations owned by two guys. They want the ability to pay themselves ( equity) from checking account and have to be able to print the check. They also want to see this on the Balance Sheet.
Answer:
Setup Equity and Payable Accounts for each owner. Then they will do a GL Adjustment to the Equity account and the A/P Account and then print the checks. There is no other way to adjust the equity account other than by doing a journal entry.
Best way to enter a dividend check in Enterprise Pro?
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Best way to enter a dividend check in Enterprise Pro?
Post by M1EnterpriseTech »
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