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T
Torbeck
May 5, 2019
Solved

How to record daily sales with a commission deducted? At the end of every day I have to pay a commission from my cash payments and then the remaining cash is deposited.

  • May 5, 2019
  • 1 reply
  • 0 views
Im struggling to find a way to record everything on one daily sales receipt and get everything to match up on QB. I do get a receipt upon paying my commission so should record it as an expense but trying to find a way to match everything up. Obviously my cash deposits don't match my cash sales as the commission is deducted from it before it ever reached my bank.
Best answer by JamesC

Hey Torbeck,

 

I have an alternative option, you'll have to go into your historical transactions and change them, but i know this works on QBO.

 

Use the Undeposited Funds account to it's full potential here. Mark your Daily Sales Receipt as "Undeposited Funds" in place of your bank account. Record an Expense for the commision, also using "Undeposited Funds" instead of your bank account.

 

You deposit the remaining in your bank account - When you have done this you can create a new Bank Deposit, and you should be able to Select the Sales Receipt, and Select the Expense - Giving you an overall amount you're depositing matching what is in the bank statement. As long as the date on the bank deposit you've created matches the transaction hitting your bank account, you should find an immediate Match to the Deposit.

 

Let me know if that helps you.

1 reply

JessT
JessT
May 6, 2019

I got an option to record your commission fees, Torbeck.

 

When you deposit your daily sales, you can add another line item for the commission fees. You will enter the amount as a negative number so it reduces the deposit amount. As a result, you will be able to match the actual deposit amount to it. I made a sample transaction and took a screenshot of it.

 

 

If there's anything that we can help, please let us know.

T
TorbeckAuthor
May 13, 2019

Thanks, I tried doing that but I’m not able to match any of the deposits I make to the sales I have entered into QuickBooks already. The card deposits or the cash ones.

The deposits included but never comes up. Not sure what I’m doing wrong, it’s very frustrating. 

JamesC
JamesCAnswer
May 13, 2019

Hey Torbeck,

 

I have an alternative option, you'll have to go into your historical transactions and change them, but i know this works on QBO.

 

Use the Undeposited Funds account to it's full potential here. Mark your Daily Sales Receipt as "Undeposited Funds" in place of your bank account. Record an Expense for the commision, also using "Undeposited Funds" instead of your bank account.

 

You deposit the remaining in your bank account - When you have done this you can create a new Bank Deposit, and you should be able to Select the Sales Receipt, and Select the Expense - Giving you an overall amount you're depositing matching what is in the bank statement. As long as the date on the bank deposit you've created matches the transaction hitting your bank account, you should find an immediate Match to the Deposit.

 

Let me know if that helps you.

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