Hello all,
I have small small business corporation and want to pay out a dividend to shareholders. How do I do that in Simply Accounting (my version is 2007)?
What I did was set up a group account 3525 in the Retained Earnings section, then issued a cheque to the shareholder as a vendor, thereby crediting the bank account and debiting the account 3525. This results in the total retained earnings increasing by the amount of the dividend. Is this correct???
Your help would be appreciated!