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

Kathyd Member Posts: 74

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

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,159 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    Answer ✓

    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

    [email protected]

    (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!)


  • GerryWinter
    GerryWinter Accredited Partner Posts: 1,145 Personal Range Expert Personal Range Expert

    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 0418907140 

    [email protected]