Simple problem but big head ache procesing it

[Wiliam Colls]

On 12/30/2011 09:31 PM, JamesGLang wrote:
> Hello all
>
> I am a landlord
> When an invoice is raised against a customer
> and that customer is a letting agent
> lets say £495 for rent
> the letting agent applies a fee + tax to that charge
> Fee £49.50
> Tax £9.90
> So the amount payable to me is £435.60
> you can do the sums yourself but
>   £495.00 - (£49.50 + £9.90) is £435.60
>
> What is the correct way to process this
>
> Thanks
> James
>
>
>
>
>
>
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The sum is correct, but I would be posting it as:

Accounts Receivable	435.60          (asset Account)
Income                           495.00  (Income account)
Agent Fee                49.50           (expense account)
Vat Paid Out              9.90           (Vat Liability Account)


-- 
I know that you believe that you understand what you think I said, but I 
am not sure that you realise that what you heard was not what I meant.