Sale with Purchase

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Experienced User johnbrennan
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Sale with Purchase

I have a broker (Vendor) who negotiates and manages transactions for one of my clients (Customer).

 

Here is an example of the transactions

The Sale: On my behalf, the broker negotiates a sale of $2,400

The Purchase: The broker charges me a brokerage of $400

 

The broker receives the funds from my client, retains his brokerage and pays me the residual.

The broker provides me with a single payment of $2,000 which goes into my bank account.

 

Given that there is only a single transaction paid to me, how do I record this in MYOB so that the Sale is separate from the Purchase?

 

I need to show a Sale of $2,400 & a Purchase of $400.

 

Am I able to do this on one invoice?

 

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Ultimate Partner GDay53
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Re: Sale with Purchase

@johnbrennan 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

There are a couple of ways you can do this.

 

The first is to have a Asset clearing account set as a bank type account.

You would create an invoice for the full amount $2400.00 and a Bill for the Fee $400.00.

When you receive the difference you actually receive the full amount of $2400.00 against the invoice and place it in the clearing account. From the clearing account you pay the $400.00 Bill and then transfer the remaining $2000.00 to your bank account. The clearing account ends up zero and you have correctly accounted for the sale of $2400.00 and the bill of $400.00 and the receipt of the $2000.00 into your bank account.

 

The second way is to creat an Invoice with the brokers fees included in the invoice as a negative expense.

brokers fees.PNG

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
Experienced User johnbrennan
21 Posts
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Experienced User

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Re: Sale with Purchase

Thank you Graeme. Your first method works best for me, thank you. Your second method because of the negative expenses displayed the sale as $2000. I needed to display the sale as $2,400 so I intend to use your first method of a clearing account. You suggested setting it up as an ASSET Account. Could I set it up as a LIABILITY Account?
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