Pay yourself dividends bookkeeping question.
I have an incorporated company and plan on withdrawing money throughout the year as needed. To handle the bookkeeping side of things, I just want to make sure the following procedures would be good enough.
1. during the year, when withdrawing money, CR Bank Cash, DE Due from director,
2. at year end, for dividend declaration, DE R/E deficit, CR Dividend Declared
3. at year end, for dividend pay, DE Dividend Declared, CR Due from director
Basically only 2 and 3 will be done in one step for year end and 1 will be the ongoing throughout the year.