How do I record Lottery scratch sales and payouts from daily sales?
Also, how would I record video lottery IN/OUT and retailer and state commissions? Thanks much for any help.
What you collect in lottery sales is a liability
when you pay it out to the state that is when you recognize your commission, so the check would look something like
liability account, total amountcommission income, the commission amount as a negative number
Thank you for the guidance.