Hi there, hunter5,
You have two options to document the transactions in QuickBooks Online.
The first option is create an invoice with VAT for the amount paid by the agent. Then, enter a bill with a VAT for the commission taken by the agent. This is applicable if purchases are VAT reclaimable.
And, the second one is create only an invoice with VAT for the net income. Here's how:
- Click + New and then Invoice.
- From the Customer ▼ drop-down, select a customer.
- Review the Invoice date, then from the Terms ▼ drop-down, select the due date.
- From the Product/Service column, select a product or service.
- Enter a quantity, rate and change amount if needed.
- Select a VAT rate.
- Once done, click Save and close.
After that, you can navigate the Receive payment function to enter the agent payment.
Stay in touch if there's anything else you need by clicking the Reply button. I'm always right here to help.
