Conciliation

Aaron44 · ‎April 05, 2022

Hi,

I have a question regarding conciliation of transactions.

Sales from my online store are sent to my bank account after fees have been taken.

Is it acceptable to record the incoming payment as "Sales" and leave it at that, or am I legally required to create a journal entry with a breakdown of income and fees?

It's obviously much easier to auto consilate as a sale and not account for fees at all.

Many thanks!

Ashleigh1 · ‎April 05, 2022

Hello Aaron44,

Welcome to the Community page,

So if you create invoices and when you go to match them you can use the find a match option and then use the resolve button and then create a transaction to account for the fees removed. The fees are an expense to your business you should account for them you can speak to your accountant for conformation.

View solution in original post

Ashleigh1 · ‎April 05, 2022

Hello Aaron44,

Welcome to the Community page,

So if you create invoices and when you go to match them you can use the find a match option and then use the resolve button and then create a transaction to account for the fees removed. The fees are an expense to your business you should account for them you can speak to your accountant for conformation.

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