Income where payer retains a fee

Grant DempseyGrant Dempsey Member Posts: 12
edited October 2019 in Reckon One
I receive a payment from an agency but they retain a percentage as a fee. eg, - company A owes me $110 and they retain $10 so they pay me $100. How do I account for the $10 as an expense?

Thanks

Comments

  • QwertyQwerty Member Posts: 405
    edited March 2017
    28/02/17

    Hi Grant,

    Here is my suggestion.

    a) In the 'Allocate' tab of the receipt you pay the full invoice amount of $110.00
    b) In the 'New' tab of the receipt you select the applicable expense account that you wish to use to track the fee & specify the fee as a negative amount -$10.00 (negative income is treated as an expense in the P&L report)
    c) The receipt total will equal $100.00

    image
  • Grant DempseyGrant Dempsey Member Posts: 12
    edited March 2017
    Cheers for that, appreciate your help. 
  • Stuart WrightStuart Wright Member Posts: 28
    edited July 2017
    Only problem is, discount of 0 is greater than negative expense, so not a valid transaction. Any more thoughts? Screen shot attached... image
  • QwertyQwerty Member Posts: 405
    edited March 2017
    27/03/17

    Hi Stuart,

    When using the 'New' tab within the receipt, the grid section requires you to use either an item or an account for each row entry. If you use an item then the discount field is enabled. However if you use an account the discount field is not enabled.
    So my suggestion would be to use an account not an item to avoid the discount validation.
  • Stuart WrightStuart Wright Member Posts: 28
    edited May 2017
    Yes, finally I get it and this makes sense! Thanks Qwerty
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