How to create Chart Of Account if business type is Agent, to sale the services and earn their commission after provide the sales services.
you should consult with your local accountant regarding this and then design a chart of accounts accordingly. please refer the guides section for details on chart of accounts in Manager.
I am an accountant for a company, and facing this problem.
Actually we sending Students to different schools / Colleges for short courses and then receive commission from concern schools or colleges on behalf of each student. and some time we deduct our commission from paid amount and rest fee amount sent to school and colleges…
Our confusion what is best work flow has to setup to take following report at the end of each month.
P& L (earned commission from each School)
Cost Of Sales (each school) I think this can be handled through trancking code
but receivable and payable and cash handling …is big challenging job
@sameer_asghar, in essence you just process each transaction as it occurs. Where each transaction gets posted to within the accounts depends on its relationship to your company. If you can provide figured examples based on one student / college then we can better understand your situation.
We are collecting commission or some cases in advance deduct our commission from schools/colleges, we received Tution fees, Travel Insurance fee, Visa Fees, AirTicket from students and paying on behalf of them.
We have to track each Student payment to every vendor, as well as we have to maintain our P& L account.
spreadsheet your best bet. currently there is two idea have yet to implement that can accommodate agent business transaction in Manager Account. Multiple Level Tracking Codes, and Multiple Level Customer/Supplier/Special Account.
In appears that you receive payments from students on trust, which you then forward to others.
In this case the use of would be applicable.
This is similar to real estate agents who collect rents from tenants and pay to landlords while collecting a commission.