Collecting rebate on behalf of a client

[jowest]

Hi

I sometimes get the clients tax rebate into my bank account, I then take my fee and refund them the balance,I have this setup ok in Quickbooks but cannot work it out in Quickfile as I am wanting to move everything over.

Can someone please advise how to set this up?

Thanks

Jo

[ian_roberts]

So only your fee counts as income for you? I’d do it with a dummy “rebate holding account” bank account - tag the money you receive as a transfer from this dummy account and the net payment you make to the customer as a transfer back the other way. This will leave the holding account overdrawn by the amount of your fee, and you can raise a sales invoice for that and mark it paid into the dummy account to bring the balance back to zero.

[jowest]

Hi Ian
Thank you, I did try that but i think I must have done it incorrectly. I will try again and see what happens.

Thanks

Jo

[jowest]

Its worked! Thanks Ian

[SXGuy]

If you do this for more than 1 client, id go one step further and create a bank account for each client, that way you can easily see which clients your holding money for.

[jowest]

Great!, thank you

Jo