Our company provide a student Visa services to international students. We have a problem how to add an account to this transactions.
For example: Students wire or deposit their tuition fee into our checking account and we will pay tuition fee on behalf them to some university in one or two week later. I meant since some clients are not able to transfer money from abroad directly for a service in Canada, we get the money they provide to exchange companies and we pay the service fee to Canadian service providers on their behalf.
Since this is not considered our income (just payment behalf of the clients to other institutes), could you help to how to assign this transaction? how to add an account to chart of account? or ....
Welcome to the Community. QuickBooks is a powerful program that helps you manage your work with peace of mind. I'll be glad to share more info so you're on the right track with your work.
Making sure you're recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on this. If you're not in contact with a professional, don't worry, you can search for one using this link here.
I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.