How do you reflect the P&L on the balance sheet if youve just reconciled it from a bank transaction? also does this tie in with payroll to pay the dividend tax?
Reconciling from a bank account will post to the P&L and reflect through to retained earnings for the current year. Tax on dividends is paid separately yo PAYE, and should be reflected on your annual return to HMRC.
great video. I am sole trader and receive no dividends from my business. can you explain how to show dividends that I receive from shares I have in Centrica. thank you
Thank you for the video. It is super helpful. I would like to ask if the year finishes on 30 April 2022 but the dividends were paid in June 2022, they are shown in the current year, not in the previous year. So do we have to go in June 2022 the reallocation dividend manual journal. 960 retained earnings 1000 deb 965 dividends - equity 1000 cre. Is it correct? Or do we have to do an extra step ? Thanks
Hi, What happens if I want to declare dividends in a year prior and the payment is made at a later date? - My year end is 31/12/2021 for example and I paid the dividend in Jan 2022?
In 2021 debit dividends and credit a liability code - could be called dividends payable. Then in 2022 debit the payment to the liability code, clearing it to nil.
Hi after choosing to 'Edit Layout' you can click on the Rows icon on the grey bar at the top. You then choose Group, name it Dividends and move your Dividend code down here. The final step is to add a further row as a Formula, call it Retained Profit and show it as Profit after Tax - Dividends.
Can you make a video of how to enter accrued expenses to Xero, please? e.g I just got an invoice/bill for cleaning services that were done during the past 3 months. How do I go about this, please?
I've watched it twice and having 2 choices just makes a simple task impossible, I think the more I use Xero, the more I hate it (from a small business perspective) all i want to do is pay me & my wife a dividend, it shouldn't be this complicated
So Helpful. You are now my 'go to' for 'Xero' knowledge 😀. Thank you thank you!
You are welcome
This was super helpful!! I have been struggling with this for ages and this has saved the day! So clear and answered all questions. AMAZING!!!!
Always happy to help 😊
Thank you! this was extremely helpful! Great content
Thanks I have to keep coming back to your videos, and it always nudges me in the right direction
Glad to help
Thank you!!! Love all your videos, they’ve helped me out loads. Thanks again
Great to hear!
This is very helpful for me. Thanks
Thank you!!! needed this to pay myself with current profit, this info was reallllllly hard to find anywhere else
Glad it was helpful!
Thank you! Very helpful.
You're welcome!
Could you reconcile dividend payments to shareholders in the directors loan account?
How do you reflect the P&L on the balance sheet if youve just reconciled it from a bank transaction? also does this tie in with payroll to pay the dividend tax?
Reconciling from a bank account will post to the P&L and reflect through to retained earnings for the current year. Tax on dividends is paid separately yo PAYE, and should be reflected on your annual return to HMRC.
This is amazing. Absolutely what I've been looking for. Will subscribe for more nuggets of wisdom. And I never subscribe!😄
So happy to hear this Emily
great video. I am sole trader and receive no dividends from my business. can you explain how to show dividends that I receive from shares I have in Centrica. thank you
These dividends would not be entered in Xero but you will need to include them in your personal tax return.
Thank you for the video. It is super helpful.
I would like to ask if the year finishes on 30 April 2022 but the dividends were paid in June 2022, they are shown in the current year, not in the previous year. So do we have to go in June 2022 the reallocation dividend manual journal.
960 retained earnings 1000 deb
965 dividends - equity 1000 cre. Is it correct? Or do we have to do an extra step ?
Thanks
I have a similar question. @xuacademy - Do you have a response please?
Hi, What happens if I want to declare dividends in a year prior and the payment is made at a later date? - My year end is 31/12/2021 for example and I paid the dividend in Jan 2022?
In 2021 debit dividends and credit a liability code - could be called dividends payable. Then in 2022 debit the payment to the liability code, clearing it to nil.
@@XUSolutions Thanks for a great video do you have more detasil on doing this please?
Hello, when editing my profit & loss and moving dividends P&L there is no dividend row under Profit after taxation - How do I add this? Thanks
Hi after choosing to 'Edit Layout' you can click on the Rows icon on the grey bar at the top. You then choose Group, name it Dividends and move your Dividend code down here. The final step is to add a further row as a Formula, call it Retained Profit and show it as Profit after Tax - Dividends.
@@XUSolutions Super thank you I think everything is in the right place. Every day is a school day........
@@happyboybaker you're welcome
@@XUSolutions Hi, do I need to enter Debit or Credit poisitve as a condition when modifying the Report for the Dividend group?
@@phildiffey8249 in the profit and loss account dividends will be a debit - so Debit = Positive
Can you make a video of how to enter accrued expenses to Xero, please? e.g I just got an invoice/bill for cleaning services that were done during the past 3 months. How do I go about this, please?
Yes this is definitely planned. Are you preparing management accounts or is this for year end accounts?
@@XUSolutions thank you very much for your reply, yes I am assisting with the year end accounts :)
@@kairitac it's still on my list
❤
😊
I've watched it twice and having 2 choices just makes a simple task impossible, I think the more I use Xero, the more I hate it (from a small business perspective) all i want to do is pay me & my wife a dividend, it shouldn't be this complicated