Customer payment which has deductions applied , hence you receive a less amount
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
Best Answer
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Yep, Clearing accounts are perfect for these scenarios ☺️
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* 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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Answers
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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
Gerry id 6376
Gerhard Winter
Ph. +61 0418907140
Reckon Store Next Door
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