For every NZ Limited Company, managing finances is crucial, and Joy Pilot makes this task easier. Unlike sole traders, Limited Companies have distinct requirements for take home payments due to their business structure. This guide will take you through the process of recording take home payments, a fundamental aspect of managing your company's finances efficiently.
Take Home Payments: An Overview
In Joy Pilot, the 'Take Home Payment' feature is designed to facilitate the various ways you can pay yourself or others from your Limited Company. These payments could range from drawings (personal withdrawals from the company's profits), net salary with PAYE deductions, expense reimbursements, dividends, and loans. Understanding these options ensures you manage your payments accurately and in compliance with NZ business regulations.
Step-by-Step Guide to Recording Take Home Payments
Follow these steps to record a take home payment in Joy Pilot:
Navigate to Take Home Payments:
Click on the ‘Business’ dropdown menu located on the grey top navigation bar.
Select ‘Take Home Payments’ from the list.
Adding a New Payment:
Click on the ‘Add New Payment’ button to create a new record.
Fill in the required details:
Bank Account: Choose the bank account from which the funds will be paid.
Date: Specify the date of the payment.
Recipient: Enter the name of the person or entity receiving the payment.
Payment Type: Select the type of payment (Drawings, Net Salary PAYE, Expense Reimbursement, Dividends, Loan).
Amount: Enter the payment amount.
Click ‘Save’ to record this payment.
Managing Take Home Payments:
The payment you've just added will appear in the ‘Take Home Payments’ list. Here you can:
Sort: Organize the list by date, recipient, type of payment, or amount by clicking on the respective column headers.
Edit: If you need to amend any details, click the ‘Edit’ button next to the payment, make the necessary changes, and then click ‘Save’ to update.
Delete: To remove a payment, click the ‘Delete’ button next to the relevant record.
Use the ‘Find’ button to search for specific payments based on date, recipient, payment type, or amount.
Exporting Payment Data: Joy Pilot offers the ability to export your take home payments data in various formats for record-keeping or reporting purposes. Look for the export option within the payment list area.
In Summary
Recording take home payments in Joy Pilot for an NZ Limited Company simplifies managing personal withdrawals and payments. By following these steps, you can ensure your records are accurate and up-to-date. Whether it's paying yourself through drawings or managing expense reimbursements, Joy Pilot has got you covered.
Explore Further
Interested in learning more about managing your business finances with Joy Pilot? Check out our guides on tracking expenses, managing invoices, or setting up payroll to further streamline your financial operations.