Cash flows in and out of businesses, and making sure it's accounted for the right way is crucial for tax efficiency and to avoid running into problems in the future.
Dividends are drawn from the profit available in your company. If you have profit available you may decide to issue a dividend to your company shareholders.
You can view your available profit in the software by clicking Withdrawals then Dividends in the menu bar. You can then click the Issue dividend button to see your profits and decide on a dividend.
Always ensure all your bookkeeping records are up to date before processing a dividend. If dividends are taken without available profits, it may result in additional tax
A limited company must have its own business bank account. You cannot run your business from your personal account as a limited company is a separate legal entity.
Backdating dividends is illegal, therefore you are unable to backdate dividends in the software.
If you have taken funds from your company and not raised a dividend, this will need to be recorded as a director's loan and a dividend raised at today's date can be used to reduce this balance.
Should you require assistance please contact your Account Manager.