Recording Commissions Costs of Selling Domain with Marketplace

[berkay7]

Hello,

I will sell a domain for $1000 through a marketplace which will deduct 15% commission.

I have few questions regarding it.

I will receive the payment in my wise USD account as a less than $850 (Stripe will also deduct some fees). While entering new purchase, I will select sales comission and enter amount $150. Also there is another part at bottom to choose as paid. But due to marketplace sending it by deducting, not sure what to choose for “Paid From” and “Method” Options.

Can you help me regarding this please?

Thank you.

[ian_roberts]

You need another merchant bank account in QuickFile to represent the marketplace. When you sell a domain for $1000 you invoice for $1000 and mark it paid into this merchant account. When you enter a purchase for the $150 commission that is paid out of the merchant account. Then when you receive the net settlement that is a bank transfer of $850 from the merchant account to your Wise account.

[berkay7]

@ian_roberts

You need another merchant bank account in QuickFile to represent the marketplace. When you sell a domain for $1000 you invoice for $1000 and mark it paid into this merchant account. When you enter a purchase for the $150 commission that is paid out of the merchant account. Then when you receive the net settlement that is a bank transfer of $850 from the merchant account to your Wise account.

Thank you very much for your answer. So hopefully it is not matter to not adding Account Number and Sort Code for this merchant account? I will just name it as Marketplace and while adding purchase, will choose it to show as paid from. Also what should I choose for “method” for this?

[ian_roberts]

It’s fine to leave the sort code and account number blank, those are only ever for your own reference anyway. Payment method is likewise for your reference, it doesn’t affect anything in the accounts so I just tend to use “bank transfer” for everything.