How to show missing funds

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How to show missing funds

I contract for a company. 

I earn a certain amount, the company then take 30% and pay me the difference.

I pay GST on the 30% they take for which they invoice me for, however the bank feed obviously only shows the remaining 70% which i also pay GST on. 

How do i show the missing 30% and claim back the GST on this. 

TIA

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MYOB Moderator
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Re: How to show missing funds

Hi @PodR 

 

It sounds like a situation similar to a contra deal. You are both supplier and customer as you invoice them for services and they invoice you for the 30% they deduct.  Processing your scenario as a contra would allow you to record the invoice you issue, the bill you receive and the actual payment you receive to match with your bank feeds. 

 

This support note, Dealing with a supplier who is also a customer, will guide you through the process of setting up a contra deal.

 

Please let me know if you need further help

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

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