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Experienced Member

Lottery Sales and Commission

How do I record Lottery scratch sales and payouts from daily sales?

 

Also, how would I record video lottery IN/OUT and retailer and state commissions?  Thanks much for any help.

2 Comments
Established Community Backer ***

Re: Lottery Sales and Commission

What you collect in lottery sales is a liability

when you pay it out to the state that is when you recognize your commission, so the check would look something like

liability account, total amount
commission income, the commission amount as a negative number

Experienced Member

Re: Lottery Sales and Commission

Thank you for the guidance.