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study-co
Level 1

How to account for service fees charged by vendor

I am trying to figure out how to deal with the following transaction.

I receive a referral commission from a vendor per customer referred.

I created a service commission item and then and invoice to the vendor with the item listed.

The vendor paid us via automated deposit, and the transaction on the bank is showing a deposit for 

the commission amount that we've invoiced for and also a debit amount charged by the vendor to cover

their processing fees.

 

How do I account for the debited vendor fees?

1 Comment 1
Rustler
Level 15

How to account for service fees charged by vendor

Create an expense item which links to the expense account for those fees
Then edit the invoice and add that line item, qty is negative one and the amount.
save and then use receive payments against that invoice

then download and match

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