entering commission deductions
Daisy Blue
3daisy55 at gmail.com
Tue Dec 1 02:19:09 EST 2015
hello all
I receive an invoice each month, detailing the amounts collected on my
behalf, and the commission deducted. The balance is then paid into my bank
account.
For VAT reasons, I cannot just enter the nett amount into the ledger.
How can I deal with the transaction? The amounts collected to into
Income:Sales, and the nett amount into the current account.
Would it be best to set up an account (in the agency's name) as an asset
within the ledger, then enter the transactions thus:
Income: sales £7500.00
Commission $1500.00 Current account £6000.00
Regards
Daisy
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