Bank Current: I have Quickbooks Payroll and will be paying myself dividends for the first time. Do I use the bonus feature of Payroll?
Note that dividend is not part of payroll. Dividend (declared) should be deducted from the net profit after tax. So, ensure there is sufficient profit to cover the dividend claimed.
Use a journal entry to account for the transaction.
1) When declared:
Debit Retained earnings
Credit Dividend Payable
2) When paid:
Debit Dividend Payable
Credit Bank Current Account
Resolution for 'Bank Current issue: 'I have Quickbooks Payroll and will be paying myself dividends for the first time. Do I use the bonus feature of Payroll?' available: Yes.
The Bank Current issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the Bank Current issue yourself by looking for a resolution described in the article. If it is a complex Bank Current issue or you are unable to solve the issue, you may contact us by clicking here or by using other Bank Current support options.
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