Hi, i have recently started some work for an agency and through an umberella company who charge a weekly fee and stop 20% tax.how do i account for this as the deductions will not appear on my bank statements.thanks in advance for any help
Create a new bank account, create an invoice for full amount and mark as paid from new bank account.
Create a fee nominal
Create a tax stopped nominal
Create a money out transaction for the fee amount and tag it to the fee nominal
Create a money out for the tax stopped and tag it to the tax stopped nominal.
Finally create a money out transaction for the balance and tag it as a transfer to your bank account matching it up to the payment received.
That’s great, thank you.
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