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Hi,
Can you please help me how to record earnings received from TURO
Scenario
Revenue 1000
TURO commission deducted at source 150
Received in my Bank 850
Actually, I want to show actual revenue 1000 and then commission 150 on the Profit & Loss Statement.
Regards
Solved! Go to Solution.
I'd love to help you record earnings received from TURO rental, @Shuaib Ahmed.
First, you'd need to create a sales receipt, then deposit the payment to Undeposited Funds. Once done, you can now create a bank deposit to track the amount received and deduct the commission from it.
To create a sales receipt:
To create a bank deposit:
(Note: When selecting an account for the deposit, I suggest you consult your accountant. This way, we can avoid errors on your records.)
There you go, you should see the Received in my Bank amount as $850.00.
I'm also adding these handy articles that you can review when managing invoice payments:
Keep me updated by replying to the thread. I'm always here to help. Take care!
I'd love to help you record earnings received from TURO rental, @Shuaib Ahmed.
First, you'd need to create a sales receipt, then deposit the payment to Undeposited Funds. Once done, you can now create a bank deposit to track the amount received and deduct the commission from it.
To create a sales receipt:
To create a bank deposit:
(Note: When selecting an account for the deposit, I suggest you consult your accountant. This way, we can avoid errors on your records.)
There you go, you should see the Received in my Bank amount as $850.00.
I'm also adding these handy articles that you can review when managing invoice payments:
Keep me updated by replying to the thread. I'm always here to help. Take care!
Thank you so much Mich-S
Hi!
What happens if Turo splits the deposit into two parts on two different days? How can I link the deposit? The amount won't match because it's splitting in two.
Thank you!
Hi mddrodrigues,
Thank you for joining the conversation and sharing how Turo deposits your payment. I'll guide you through recording the two transfers so you can match them.
I assume you have a Turo account in your Chart of Accounts, where the money is initially deposited. Therefore, you can just create two transfer transactions with different dates to reflect the two transfers that happened in real life. They will then become a matching entry to the transaction on your Banking page.
You can then reconcile your bank account after recording all your transactions. Here's an article to guide you through the process: Reconcile an account in QuickBooks Online.
Feel free to go back to this thread if you have other questions in mind. Have a good one!
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