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We run a multi outlet marketplace, payments are all collated by a single source then we get a payment on a weekly basis as a lump sum (for us then to pay each outlet separately).
This single source, takes a commission and this is already taken off the payment that's sent to us, how do we record this in quickbooks?
Hi Youwish, thanks for joining the QuickBooks Community. Are you looking to record individual stock items, or will the income be grouped under a single category and income account?
So basically,
We get sent 1000 as an example, we will then split that single transaction and send it to 10 other people (£100) each
However £10 of that has been taken out as a service charge, so there is only £990 left
Is there a way to show that that transaction has been taken from the overall payment
I appreciate you for coming back to the thread and adding extra details about your concern, Youwish. I'll be sharing steps to ensure you can manage your transaction accurately in QBO.
To start with, I suggest creating invoices for 10 different people and entering each entry as a (£100) amount each.
Once done, you have to go to the Receive payment page to process a payment from each customer. You need to record it in QuickBooks to mark the invoice as paid, then post it under Undeposited Funds. This is to hold invoice payments and sales receipts you want to combine and it's like the lockbox (or drawer) you keep payments in before taking them to the bank.
Here's how to record the payment:
After that, click the Plus button and choose Bank deposit and you'll be able to see all the UF payments you've created from there. Then, you need to make sure to checkmark each box for invoice payment and enter another transaction for the £10 service charge as a negative amount under the expense account. I've added a screenshot below for visual reference.
Lastly, you may refer to this article to see different details on how the Sales page gives you a great at-a-glance view of all the status of your sales transactions: View sales transactions.
You can always get back to us if you have any other questions about managing transactions in QBO. I'm always around to help, Youwish. Have a great day!
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