Customer payment which has deductions applied , hence you receive a less amount

Kathyd · May 2022

When selling Sheep the Agent takes deductions, which some deductions have GST. It is my understanding I cannot create Expense within the Item List if they have GST as it affects the BAS.

What is the best way to handle this scenario:

Customer Invoice is $24000.00

Deduction -Agent Fee $1000.00 ( has GST)

Deduction Market Fees $1000.00 ( no GST)

Funds received into bank is $22000.00

Acctd4 · May 2022

Yep, Clearing accounts are perfect for these scenarios ☺️

GerryWinter · May 2022

I would set up a clearing accounts putting the total payments into that and then making the payments for the deductions from that as well then transferring the balance into the main check account

Customer payment which has deductions applied , hence you receive a less amount

Best Answer

Shaz Hughes Dip(Fin) ACQ NSW, MICB

* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

Accounted 4 Bookkeeping Services

Ballajura, WA

(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)

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