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brandylom
Level 1

Proper way to record Lotto sales, commission and payouts

 
4 Comments 4
Ar99s
Level 2

Proper way to record Lotto sales, commission and payouts

Could you please tell me what software do you use for it?
What entities are involved in flow? Please describe an example.

cindyrainbow
Level 1

Proper way to record Lotto sales, commission and payouts

I know this is an old post but I was searching for the answer to this very question. Did you come up with any suggestions? I'm running a pub in Alberta that has Video Lottery Gambling (VLT). We collect the money everyday and once a week the government takes their share out of our bank account, leaving us with a commission . I am looking for the correct way in Quickbooks to make a "sales receipt" ( with the correct +/- assignments ) and the proper accounts in the COA  to record these amounts without them being income. I need to track the GROSS LOTTO IN less the validated PAYOUTS, the REMITTANCE- the money that belongs to the government and our COMMISSION earnings. To further complicate things, we also have an ATM machine that is funded with those monies before they are do to be remitted, so I need to track ATM PROCESSED LOTTO MONIES. I also wish to have a running "Cash On Hand" account so I can see the cash on hand I have/should have between deposits.( not deposited daily) Any suggestions?

Jes29
Level 1

Proper way to record Lotto sales, commission and payouts

Did you ever get an answer to your question?  I too am looking for an answer to this exact question and am bookkeeping for an Alberta Lottery Retailer.  Suggestions or advice would be much appreciated.

mohawkmeats1
Level 1
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