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Airtasker Income and Expenses

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FelicityEvelyn
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Airtasker Income and Expenses

I have a question around Air Tasker Income. 

 

What is the best way to enter this into MYOB? Tax Advisor has instructed to report ALL the income, including the service fee - However the service fee is taken out by Airtasker before the money ever hits your bank. 

 

If I enter the task as an invoice and record the WHOLE Amount including service fee on the invoice, then the money that comes into the bank doesnt fully clear the balance of the invoice. 

 

Income

     Less Service Fee

= Amount recieved in bank. 

 

If I enter the Service Fee as a negative in the Invoice, then the expense isn't correctly recorded. 

 

No judgement please, only new at this but any help I can get would be greatly appreciated. 

1 REPLY 1
Tracey_H
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Re: Airtasker Income and Expenses

Hi @FelicityEvelyn 

 

Thanks for your post. You've got a couple of options for this depending on your personal preference.

 

One option is to record either a Sale or Receive money transaction. Allocate the full amount of the task to the applicable income account and the service fee as a negative figure to the fees expense account. Entering the service fee as a negative will debit the expense account, as such, the fees are correctly reported.

 

Another option is to record a deposit adjustment. For this method, you would select the Undeposited funds option when recording the Receive money or Receive payments transaction for the full amount of the task. When recording the Prepare bank deposit transaction, select the payment transaction>>click on Deposit adjustment and allocate the fees to the expense account>>select the adjustment transaction and Record. The post, How to handle Square fees, has detailed instructions for this method.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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