Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
G'day,
I work as a sole trader/contractor for a company who deducts a management fee from my gross earnings.
I invoice clients directly for my services but the money is deposited into the clearing account of the company I trade under, who then deduct the management fee expense and deposit the remainder into my account.
I am trying to work out how best to reconcile this so that the deposited amounts in my bank feed match up with the invoices and expenses that I am logging.
Can this be done using undeposited funds or A/R categories?
Thanks in advance for any help :)
Solved! Go to Solution.
Good morning, adrenalkrysis.
When recording a deposit in QuickBooks, we can add a deduction for the management fee so that the amount will match in your bank feed. Let's put the funds into your Undeposited Funds first when receiving payments. Once done, you can follow these steps:
You can now match it to the transaction in your bank feed. You're now good to reconcile your account.
In addition, it's best review, print, or export a report every after reconciling your accounts. This is for your reference for your future reconciliations to avoid errors.
We're just here if you need anything else. Have a great day!
Good morning, adrenalkrysis.
When recording a deposit in QuickBooks, we can add a deduction for the management fee so that the amount will match in your bank feed. Let's put the funds into your Undeposited Funds first when receiving payments. Once done, you can follow these steps:
You can now match it to the transaction in your bank feed. You're now good to reconcile your account.
In addition, it's best review, print, or export a report every after reconciling your accounts. This is for your reference for your future reconciliations to avoid errors.
We're just here if you need anything else. Have a great day!
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here