Need help with how to input the following in Quickfile please.
We charge a customer £100+VAT (net £120)
An agent collects this amount on our behalf and charges us £4+VAT (net £5) in order to do so.
We receive in the bank £115.
We raise an invoice for customer and agent supplier and allocate the £115 to customer from bank but how do we deal with marking the agent amount of £5 to mark as paid without double counting this?
Usually you would use a holding account (Merchant Account) in the bank window, I have outlined the steps below
- Create the customer invoice for £120
- Pay off the £120 customer invoice using the holding account
- Create a £5 invoice on a supplier account for the Fees
- Pay off the £5 supplier invoice using the holding account
- Do a bank transfer from the holding account to your bank
The article below lists out the steps in more detail using a letting agent as an example but it is the same process
This topic was automatically closed after 7 days. New replies are no longer allowed.