Commission fee tagging

[philip_ihle]

Hi there,

I would like to know how to tag a commission fee?
I sold an instruments through another dealer and therefore paid the dealer a commission fee. I tried to tag this as “Commission fee” or “cost of sales” but can not find either as a tagging option?

Thanks

[QFMathew]

Hi @philip_ihle

Do you have an invoice for the commission that you paid the dealer? Was the money paid to them, and then paid to you (minus their commission), or did it all come to you and then you pay the commission to the dealer separately?

[philip_ihle]

Hi,

Thanks for your reply.

The payment came in full from the client to us and we then paid the commission fee to the dealer. We have an invoice from the dealer.

[QFMathew]

Thanks @philip_ihle. So from the sounds of it, it’s more like a referral fee paid to the dealer.

In this case, I think something like this setup would work: Commission Paid

In this case, creating a purchase invoice should allow you to select the 6100 Sales Commissions nominal code.

Hope that helps!

[philip_ihle]

“Commission Paid” does not seem to be an option

[rhc]

You could create it.

Adding a new nominal account

Introduction Adding new nominal accounts is a good way to separate out specific income streams and provide more granular categorisation on your outgoings. Be careful not to go over the top creating new nominal accounts, in most cases you can use one of the existing codes. The current presets are based on accepted accounting standards and it is unlikely in most cases that you will need to elaborate further on these. That said, if you wish to add a new nominal account you are able to do so from …

[QFSian]

Hi @philip_ihle

I think you’ve slightly misunderstood my colleagues post, apologies for this.

Where my colleague says “commission paid” that is a link to a topic which has a similar scenario to yours.

When you are creating the invoice my colleague suggests using the “Sales Commission” nominal.

I’m sorry for any confusion caused here.

[philip_ihle]

Thank you I’ll try that