THIRD PARTY COMMISSION

MRD · ‎January 02, 2019

Is there a way to amend a banking transaction amount to take into consideration a 3rd party commission.

EG invoice 1 = 100

3rd party commission is 10%

Banking receipt is £90 because the 3rd party commision is taken off before I receive the money, however the invoice total is £100 and needs to be recorded. The expense receipt is for £10.

How do I account this?

Thanks.

JamesC · ‎January 02, 2019

Hey MRD,

In QBSE, you'd just exclude the £90 transaction that's fell in from your banking, then manually create two transactions - One for £100 income, one for £10 expense.

While that will not allow you to "Get a match", it'll post the right figures to your self assessment tax return and will report correctly on all your QBSE Reports.

JamesC^

View solution in original post

JamesC · ‎January 02, 2019

Hey MRD,

You'd use the Undeposited Funds process for this, so effectively:

Receive Payment of full invoice amount, post to Undeposited Funds.

Record £10 expense, selecting Undeposited Funds as the account to pay out of.

This will leave £90 in Undeposited funds. Create a Bank Deposit, select the Invoice Payment and the Expense (Select £100 & £-10 = £90), with the total Bank Deposit at £90, make sure the Date of the Deposit matches what is on the Transaction on your Banking section. With the date, and overall amount being deposited at £90, you should

See these guides for more information:

https://community.intuit.com/articles/1772927-how-to-record-payments-as-undeposited-funds

https://community.intuit.com/search?utf8=%E2%9C%93&q=undeposited+funds

Thanks,

MRD · ‎January 02, 2019

Thanks for your reply.

I use self employed uk version - is this available? I can't see it anywhere.

Thanks

JamesC · ‎January 02, 2019

Hey MRD,

In QBSE, you'd just exclude the £90 transaction that's fell in from your banking, then manually create two transactions - One for £100 income, one for £10 expense.

While that will not allow you to "Get a match", it'll post the right figures to your self assessment tax return and will report correctly on all your QBSE Reports.

JamesC^

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THIRD PARTY COMMISSION