I sell livestock through Auction Marts. I receive Payment (Nil VAT) less Commission paid to the Auction (plus VAT)
I have entered the Commission as a minus amount to the sales in the invoice which seems to work. However it leaves Sales as the net amount and Sales VAT as a minus.
Can anyone please help with an alternative?
Hello @fieldgatefarm
This would be very similar to a query I have just answered in the forum recently
- Record a purchase invoice for the commission
- Record a Sales invoice for the sale of the livestock
- Pay both invoice using a holding account
- Transfer the difference to the bank
Here’s the link explaining it in more detail with screenshots (different scenario but same solution)
Hi Steve
Thanks for your reply and the link to a previous enquiry, I get where your coming from. Just run me through opening a holding account in the name of say XYZ auction mart
Hello @fieldgatefarm
No problem.
In the Bank window, got to Create > Merchant or Payment Service Account
Enter details as per screenshot below and save.
It will show in the bottom section
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