internal accounts

Question

Hi, hoping for some sugestions on the best way to proceed. what account would be suitable to use for money coming into the bank account and then being paid out with a percentage being kept as a commision so in theory would be a transactional account which I dont want showing on the profit and loss statement but obvoiulsy needs to show on the reconcitiation as money being receipted and money being paid out with commission being kept- any suggestions

chrismyob · Answer

Hello&nbsp;DPM1&nbsp;
&nbsp;
Welcome to the Community Forum.&nbsp;
&nbsp;
From what you have described it would sound like you would set it up as an other income account (8-xxxxx), but for confirmation on what account you should set this as you will need to speak with your accountant.&nbsp;
&nbsp;
I have attached a Help Article on setting up accounts which does detail what the different accounts are used for.

Forum Discussion

internal accounts

1 Reply

Looking for something else?

Related content

GST on international flights

Inventorising International Stock

International Transaction Fees

Connected Accounts - Getting Started

Connected Accounts

(500): Internal Server Error

MYOB Tax 2021 international dealings schedule error

500 Internal Server Error Server Error in '/' Application.