Hi,
I am an agent and new to QuickBooks.
I receive payments on behalf of Authors from Publishers. I deduct my commission and then pay the rest to the Author.
Say, I receive £100 from the publisher, my commission is 10%, I would then pay the Author £90.
On the bank statement, it would show £100 coming in and £90 going out.
My Income on the P&L should only be the £10.
How do I enter these transactions in QuickBooks to reflect this?
Also, I would need to send the Author a remittance advice showing the £100, less £10 Net £90
Is this possible?
Thanks
