I NEED TO PAY A PORTION TO THE VENODR
I HAVE BILLED MY CUSTOMER AND PAYMENT HAS BEEN RECEIVED FOR MATERIALS. I NEED TO PAY A PORTION TO THE VENODR AND THE OTHER PORTION I NEED TO RECORD AS MY PROFIT, HOW DO I REORD THIS TRANSACTION?
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11/26/09 6:25am PST
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It sounds like you have two separate accounting events here.
Event 1: Billed customer and received payment. If your're using cash basis accounting you would have a debit entry to either cash or checking (bank) and a credit entry to sales.
Event 2: Payment to vendor. You will need a vendor fee account to make this entry. To make the entry you would debit Vendor Fee and Credit either Cash or Checking for the amount of the fee.
Hope that helps!
