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February 18, 2019
Question

How to record only my Commission (net receipt) in as Income

  • February 18, 2019
  • 1 reply
  • 0 views

Hi,

I am an agent and new to QuickBooks. 

I receive payments on behalf of Authors from Publishers. I deduct my commission and then pay the rest to the Author. 

Say, I receive £100 from the publisher, my commission is 10%, I would then pay the Author £90.

On the bank statement, it would show £100 coming in and £90 going out.

My Income  on the P&L should only be the £10.

How do I enter these transactions in QuickBooks to reflect this?

Also, I would need to send the Author a remittance advice showing the £100, less £10 Net £90

Is this possible?

Thanks

 

1 reply

February 18, 2019

Hello agbike10,

 

In regards to this type of transaction we would advise to speak to an accountant. If they could advise of what accounts they would like you to use and what transactions to create we could help you do this in Quickbooks.

Thanks.