How do you pay yourself?

medicinewomanrdmedicinewomanrd Member Posts: 1

Your information goes over paying contractors and invoices but what about paying yourself?

Comments

  • JulianPJulianP Administrator Posts: 544 admin

    Hey @medicinewomanrd !

    When it comes to paying yourself in Wave, there are two methods to do so:

    1. You can record a personal Owner Investment/Drawing expense transaction. Owner Investment/Drawing is a category used to keep track of the money you pay into and take out of your business. With this method, Wave won't generate payroll tax forms for you however.

    2. With our Payroll feature, you can add yourself as an employee and assign yourself a salary/hourly pay rate. If you don't have a fixed pay rate, you are able to change your compensation rate via your employee file. Please note, we recommend setting an annual salary if possible. I do want to mention that, when adding yourself as an employee, you will need to list a different email address than the one used to create your Wave account. An employee having the same email address as an employer can cause errors in the system.

    To learn more about Wave Payroll, feel free to check out the Help Center articles below:

    I hope this helps!

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