This perhaps is an Accounting 101 question on how to record journal transactions to offset a vendor Bill that I paid via PayPal Payments. Vendor is an international training provider. I incurred expenses to host the workshop on his behalf as a facilitator that included paypal and waveapps fees as well as other in-class expenses.
I collected payments via PayPal and WaveApps invoices from students who were attending a workshop. Payments received minus merchant fees for PayPal and WaveApps. All funds and monies collected minus any expenses incurred for hosting the class was then transmitted to the Vendor.
I created a Vendor and Bill reflecting the payables. I am now trying to create Journal Transactions showing transactions in the appropriate Credit and Debit columns appropriately and I am confused as to how to record these monies received and transmitted as well as the merchant fees and other expenses incurred.
My intent is to show the transactions clearly on my income statment so that this does not show up personal revenue but rather an expense. Please advise.
Rita Shylesh Nair
Member Posts: 2
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This perhaps is an Accounting 101 question on how to record journal transactions to offset a vendor Bill that I paid via PayPal Payments. Vendor is an international training provider. I incurred expenses to host the workshop on his behalf as a facilitator that included paypal and waveapps fees as well as other in-class expenses.
I collected payments via PayPal and WaveApps invoices from students who were attending a workshop. Payments received minus merchant fees for PayPal and WaveApps. All funds and monies collected minus any expenses incurred for hosting the class was then transmitted to the Vendor.
I created a Vendor and Bill reflecting the payables. I am now trying to create Journal Transactions showing transactions in the appropriate Credit and Debit columns appropriately and I am confused as to how to record these monies received and transmitted as well as the merchant fees and other expenses incurred.
My intent is to show the transactions clearly on my income statment so that this does not show up personal revenue but rather an expense. Please advise.
thank you in advance