How do I record a sales receipt where fees (inc. VAT) have already been deducted? I would like to record the fees and VAT that was charged to us in addition to the cash receipt.Can I use a journal for the fees and associated VAT?
How do I record a sales receipt where fees (inc. VAT) have already been deducted? I would like to record the fees and VAT that was charged to us in addition to the cash receipt.Can I use a journal for the fees and associated VAT?
Hi ,
Thanks for using Sage City.
Apologies for any delay in responding to your query.
Just to clarify, you have made a sale for X amount, let's use £100 for example, before hitting your bank the fees have already been deducted (ie: for example £80) hits your bank but you'd like to show the full 100 in the accounts? is that correct?
One way of recording this would be to record the full amount of the sale, then create a separate transaction/outgoing to show the fee. However we do have a guide for recording bank fees/deductions while posting the transaction available here
You can also view more guides available on our help centre here;
help.accounting.sage.com/.../Home.html
Regards,
Rob
Sage UKI
*Community Hub is the new name for Sage City