Accounting and input querry


I have a situation where I am paid a certain amount by a company for commission and I also am due to this company a monthly professional fee, insurance fee and it is being deducted from sums owed to me before a payment is made to me.

For example a 1000 is due paid every week(Friday) and let’s say I pay for insurance on Tuesday 200 and professional fee of a 100 on Wednesday. So on Friday I receive 700, in reality I earned a 1000 and 200 and a 100 is s cost. What is the best way to input this in quickfile.

Say company you are working is called “xyz ltd” , open a new bank account on QF and name it "XYZ control account"
How record your income invoice for £1000, Insurance expense for £200 and Professional fee for £100. Mark them paid using XYZ control a/c, you should have balance of 700 to be transferred to main bank account as inter bank transfer.

This topic was automatically closed after 7 days. New replies are no longer allowed.