Deposit and Finders Fee
WhataGreatDay
Member Posts: 2
I procure products on behalf of my customers as follows:
1. I identify the product that the customer wants to purchase.
2. I put a deposit of $2,000 to hold the product.
3. The customer buys the product from the seller. I don't get any money in this transaction.
4. I send an invoice to the customer for $7,000.
5. The customer pays me $7,000. Out of the $7,000, $2,000 is my deposit, $5,000 is my commission.
Questions:
1. When I send the invoice and receive payment, all $7,000 looks like income which is not the case.
2. How do keep track of how much money I have in deposits?
3. How do I allocate the correct distribution of the $7,000 into the proper places.
Thank you.
in Using Wave
0
Comments
Hey there @WhataGreatDay
Wave does not allow you to assign parts of an invoice to an expense account or loan account.
I would recommend create two income accounts:
This should reflect on your balance sheet that only 5k went into the income account while 2k was transferred into the expense account.