On Sunday, 4 February 2018 20:39:02 GMT Fran_3 via gnucash-user wrote:
> There are three ways (that I know of) for a shareholder or owner to get
> money out of their business...1 - Pay themselves as an employee2 - Loan
> themselves money3 - Discernment- which is like a "dividend" payment to
> shareholders ( I think) But I'm no accountant... so someone else will
> surely weigh in on this. When is gnuCash 3 going to be released?
I'm not an accountant (or lawyer) either, but I have to say that what you've
written isn't my understanding of (UK) corporate law. I don't know where you
are in the world, so the below may only be partially true for you.
1. a shareholder of a ltd company can't take a wage unless they are also an
employee (directors are employees). Often in small & family firms the
shareholders are directors, but the 2 roles are distinct & must not be
conflated. If you're not clear about this, maybe talk to an accountant?
2. A loan. not really getting money out of the company, as it should be paid
back in due course. there are (in the UK, at least) some pretty stringent
anti-tax avoidance rules around loans, too. Record as something like
Asset:Bank:Current -> Asset:LoansGiven:JoeBloggs
3. IIRC, the term you want might be disbursement. Yes, dividends are the
usual way shareholders get money from a ltd (or plc) company. I record them
as transfers to Expenses:dividends. My accountant has never complained.
4. you didn't mention selling shares. Again, a tax & legal minefield where
professional advice is required. But it is a way of getting money as a
Note. I don't download transactions, so I'm not sure about this "assign as
payment" workflow you talk about. All my transactions are either entered
directly in the registers, or for bills / invoices through the "Process
Payment" buttons which are outlined in the docs.
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