Online Marketplace collects different commission rate, how to file

1

I am selling baby products at my own website. Most customers choose to pay manual online bank transfer. Some will pay via a payment gateway such as Paypal and a local company called iPay88.

iPay88 and Paypal has their own commission rate. When customer use to pay a product worth $10 and transfer manually into my bank, i get $10. But if they use payment gateway, i will get a certain % less than $10.

I also sell my products on other marketplace such as Lazada, 11street, Qoo10. Each of them has their own rate.

From accounting point of view. How do I handle this? After I key in sales invoice from a channel, where/how do I put the commission rate I have to pay to these channels?

2

If the fees are deducted before you receive payment then:
On your COA P&L Expenses create an account called Commission Fees
On your sales Invoice under account - add a line - select Commission Fees and enter the amount as a negative (-1,00). The invoice will then equal the payment you receive

1 Like
3

Thank you for the suggestion.

Just a general question, there is no such accounting software that can create a channel and you assign a commission rate for this channel, and when you make a sales invoice, you assign a channel to it and it will auto deduct the amount base on your settings. Am I right? Or is there?

4

Not aware of any

1 Like