Forum Discussion

Summertime1's avatar
Summertime1
2 years ago

Recording third party cost of sales.

Hi   I've tried to look through all the existing help articles and a couple of forum posts, but I haven't found a solution to my current problem. I am using MYOB Business.     I run a beef cattle...
  • Princess_R's avatar
    Princess_R
    2 years ago

    Hi Summertime1,

     

    Thank you for your post, and welcome to the community forum.

     

    Some of the customer payments or sales may have some fees, such as operating costs associated with running your business, which are deducted before being deposited into your bank account. How you record these sales will depend on how the transaction is shown on your bank statement. In this matter, I would suggest recording a journal entry. I would highly recommend speaking to your accounting advisor about how to handle this, so it'll be recorded correctly.

     

    Please let me know if you need any further assistance with this. I'd be more than happy to assist.

     

    Cheers,

    Princess

Princess_R's avatar
Princess_R
MYOB Moderator
2 years ago

Hi Summertime1,

 

Thank you for your post, and welcome to the community forum.

 

Some of the customer payments or sales may have some fees, such as operating costs associated with running your business, which are deducted before being deposited into your bank account. How you record these sales will depend on how the transaction is shown on your bank statement. In this matter, I would suggest recording a journal entry. I would highly recommend speaking to your accounting advisor about how to handle this, so it'll be recorded correctly.

 

Please let me know if you need any further assistance with this. I'd be more than happy to assist.

 

Cheers,

Princess

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