Marketing fees included in Sales
Farmer_Frank
Member Posts: 13
We sell through an online website that allows us to send messages for a fee to potential customers. That fee is deducted from our sales receipt. I am currently using a Discount Income account to track reductions in sales we made in the price, a Payment Processing Expense account to track the percentage of sales they deduct for the service they provide. How do I track the cost of the marketing messages we send? I would think it should fall under Advertising Operating Expense, but I am not able to choose that option when entering the amount as part of the split transaction. Would I need to manually remove that amount from the transaction and enter it separately?
in Using Wave
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Create a "Message Fees" expense account under the Payment Processing Fee section of your Chart of Accounts. Let's assume that you've made a sale for $1,250 but only received $1,000 from the website because $250 was deducted for your messages.
Your split deposit (income) transaction would look like this:
Happy number crunching!
Sam - RemoteBooks
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