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We receive net revenue into bank account but related 30% channel expense is paid. Confused on how to book entries.

Launy Senee's Profile

We receive net revenue into bank account but related 30% channel fee is paid via our credit card. We use XERO and I can't figure out how to NOT doublebook the 30% fee. If I include in A/R against gross sales then channel costs are increased. But then when the $ comes out of our credit card, channel fee gets charged a second time. I'm walking myself in circles.

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

It sounds as if you are double-paying.

If I understand what you said:

Invoice is $100.
You have 30% commission to the channel.
You received a check for $70
You then paid by credit card the $30.

If this is true, you're paying $60.

What am I missing? I then can help you with Xero.

Contact me @ WSpivakatSBAConsulting [dot] com

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