Hello, I'm a contractor and do work for various estate agents. The agents charge a 20 percent fee, so for example I just invoiced for £100 but get paid £80, how do I show this on my QuickBooks? its basically their commission for giving me work.
Cheers
Ben
Solved! Go to Solution.
It's nice to have you back here in the Community, @BenPage96.
I've got the steps that you need in recording the 20% agent fee on your sales transaction.
You can create a service item for the agent fee and enter it as a negative amount upon creating the invoice. In doing this, make sure that the income account of the item is an expense account since it has been taken out before you receive the income.
Here's how to set this up:
Once done, you can now proceed with creating the invoice and applying the charge.
Here's how to create your invoice:
You may also visit this link attached to guide you in adding items in QuickBooks Online: How to set up products and services.
Know that I'm just a few clicks away if you need more help. Have lovely day!
It's nice to have you back here in the Community, @BenPage96.
I've got the steps that you need in recording the 20% agent fee on your sales transaction.
You can create a service item for the agent fee and enter it as a negative amount upon creating the invoice. In doing this, make sure that the income account of the item is an expense account since it has been taken out before you receive the income.
Here's how to set this up:
Once done, you can now proceed with creating the invoice and applying the charge.
Here's how to create your invoice:
You may also visit this link attached to guide you in adding items in QuickBooks Online: How to set up products and services.
Know that I'm just a few clicks away if you need more help. Have lovely day!
How do you do this using quick books self-employed? I can't see any options for products and services.
Hello, BPS.
The processes outlined by my colleague above are for QuickBooks Online, which is why you are unable to see the Products and Services option. As a workaround, recording the agent fee on the sales transaction is done by manually adding a transaction and selecting the correct category and the type. Just a heads-up, QBSE-added transactions are automatically tagged as Business; you may modify this if necessary.
I'll show you how to do it:
For more information about the process, please check this article: Manually add transactions in QuickBooks Self-Employed.
You'll want to check Schedule C and expense categories in QBSE. This article provides which category to use for a specific transaction.
I'm always here ready to lend a hand if you have any other concerns about adding transactions in QBSE. Have a nice day, and stay safe.
Thanks for the reply.
Thanks I have been doing it this way so far however it leaves the invoices still showing a different amount. Is there no way to do it through the invoice? I was thinking after the invoice had been paid that I could edit the invoice and add a line with the commission so it all matches. However when trying this there in no option to save the invoice, rather it makes you actually send the invoice again.
Thanks for coming back to us, BPS.
Currently, the option to edit the paid invoice isn't possible in QuickBooks Self-Employed (QBSE). However, we can delete and recreate it with the necessary commission added. Alternatively, use the duplicate feature to easily replicate and make the required modifications. These allow us to incorporate the commission into the invoice while working within the limitations of QBSE.
Here's how:
Once done, mark the duplicated invoice as paid. Then, delete the original one. It's to ensure updated invoice accurately reflects the payment status.
I understand that having the option to work seamlessly with QuickBooks would be highly beneficial for you. With that, I recommend sending feedback to our product developers. This way, they can further review your suggestions and may consider adding them to future updates. Please refer to the steps below:
Let me know if you have other concerns about invoices in QuickBooks please don't hesitate to post a reply below. I'd be glad to assist you further. Take care, and have a great day!
Hello thanks for the reply. The only issue with this method is that once duplicated and the line added there is no option to save the invoice after that. It actually makes you send the invoice again instead. This could easily be fixed with a save button when editing an invoice rather than having to send the invoice twice.
Hi BPS, thanks for getting back to us. This is a current limitation of QBSE - one workaround to this would be to enter your personal email in the address field when saving & sending the invoice. We appreciate this isn't ideal, and we'll be sure to share your feedback on our side.
Ok thanks. Is there a way to suggest this to the developers and get a 'save' button added?
BPS, I appreciate you joining the Community thread.
We've always aimed to make using QuickBooks as simple as possible for users. You can provide our software engineers with feedback. When developing upcoming product changes, they might consider this feature suggestion. Here's how:
You may want to learn how to create templates for recurring transactions in QuickBooks Online. Please visit this article: Create recurring transactions in QuickBooks Online.
Please let me know if you need help with QuickBooks or have any other inquiries by clicking the Reply button below. I'll be available and ready to assist you. Enjoy your day, and be careful!
I cannot see the feedback option when clicking the gear icon. Perhaps this is for Quickbooks and not quickbooks self-employed which I am using. Is there a way to just forward this thread to a software engineer as it explains in detail the issues and attempted solutions?
Hello BPS, there is no option for feedback within the self employed account, but we will pass the feedback on your behalf.
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.