How to deduct fees from tax rebate and allocate to invoice

Question asked by Kevin Doran 10 years ago

Scenario:

SA filed Client due £1000 tax rebate £200 sales invoice created

£1000 hits my client account £800 transferred to client

Is there an easy way to handle this straight from the bank import or am I going to have to:

Delete the £1000 from the bank import Sales > Money In > £1000 Allocate £200 against the SIN

then...

Delete the -£800 from the bank import Purchases > Money Out > £800

I'm hoping there's something easy but i'm already fearing the worst :-(

Write reply4

4 Replies

Thought i'd update the thread for clarity as just had a private ticket reply from Vanish:

You can do this. This will need to be done by setting up a contra bank account.

Go to Money > Bank Accounts > All and then select your bank statement import.

Explain the credit received from HMRC as being a transfer from the contra bank account. This will put the contra into a negative position.

Explain the net payment to the client (i.e. the amount after your fee) as being a transfer to the contra bank account. Contra should now still be at a negative but only for the amount you've invoiced the client.

Finally go to Sales > Invoices > Unpaid. Find the relevant invoice and allocate using the quick pay feature to the contra account also.

Best answer
10 years ago

^^^ Just to add, I didn't format the post that poorly when I wrote it out, didn't realise i'd have to read the 'advanced formatting guide' first.

10 years ago

Anybody??

10 years ago

Thought i'd update the thread for clarity as just had a private ticket reply from Vanish:

You can do this. This will need to be done by setting up a contra bank account.

Go to Money > Bank Accounts > All and then select your bank statement import.

Explain the credit received from HMRC as being a transfer from the contra bank account. This will put the contra into a negative position.

Explain the net payment to the client (i.e. the amount after your fee) as being a transfer to the contra bank account. Contra should now still be at a negative but only for the amount you've invoiced the client.

Finally go to Sales > Invoices > Unpaid. Find the relevant invoice and allocate using the quick pay feature to the contra account also.

Best answer
10 years ago

Thanks Kevin for updating the post.

Vanish

10 years ago

Reply to this question

Attach images by dragging and dropping or upload
 

Your comments will be public and can be answered by anyone in the Clear Books community.

Find out what we do and who we are

Apps

Company

Social