Sales Invoice with Commission Deducted

[uptheswa]

How do you deal with the following

When I sell goods I recieve a sales invoice from market. It will include the cost of goods sold, then less commission and Vat on commission.
So my entry into my bank is sales -commission & Vat so somthing like this

Total sales - £3000
Commission - £50
VAT - £10
Total - £2940

Due to seller - £2940

How do I deal with this in Quickfile

[FolkLondon]

Conceptually it isn’t really different to taking a credit card payment where the card company skims off their percentage. My reaction is to treat the market place as if it was a merchant account. This is covered in the knowledgebase.

Handling payments from merchant accounts

Many businesses these days receive daily payments from online payment providers like PayPal, GoCardless, Worldpay, SagePay etc as well as fixed terminal card systems like Streamline, Barclaycard Merchant Services, etc. Often we don’t want to spend the time putting in every single sales invoice into the accounting system and fortunately, we don’t need to. This guide will explain how to save time and log your sales in bulk. The basics When you upload your current account statement into QuickF…

[uptheswa]

Is it possible to have a Company listed as both a Sales Client and as a Purchase Client ? I could then enter the both the sales amount as a Sales Invoice and then also enter the commission as a Purchase Invoice against the same client ?

[QFBeth]

Hi @uptheswa

You would have to set the same company up twice; once as a Sales Client and again as a Purchase Client.

You can then contra the entries as required.

Let us know if you need help with this.

[rkaram]

I have raised a purchase invoice and a sale invoice for a client that charges commission. I am not sure now how to link those to the bank statement amount. Any recommendations please?

[ian_roberts]

Contra-Invoicing, Same Customer and Supplier, Netting-off receivables and payables

Do you have a recommended method for ‘netting-off’ customers who have made supplies i.e. transfer the balance on an unpaid purchase invoice to the Customers account and apply against outstanding invoices. Do not want to use a credit notes because that would understate values in the P&L.