I receive along with payments from an overseas client additional monies he asks me to forward to other suppliers. I am having problems in getting this properly recorded in and out of Quickbooks. Any suggestions please. Thanks
Do you have a company accountant?
I would ask them for direction to make sure that this is not going to be included as revenue for your company and that it doesn't effect your VAT if you are registered.
Thanks for that - but what I simply need to show is the money coming into the account, and going out again without affecting other transactions. Perhaps I need a nominal account that also reflects the transactions, and reverts to zero once money received has been paid out to others- that is where I remain confused.
Also presume I need to journal the payments rather than have them through "write cheque".
Any further enlightenment appreciated.
Thanks
RonC
There are potential issues with Money Laundering Regulations. You should definately check with your accountant before you perform this kind of transaction.
