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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16538
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I have a meat market and recently added a money transfer service,

Resolved Question:

I have a meat market and recently added a money transfer service, i do my accounting with quickbooks and need some advise on how to report the money since it shows as a deposit and a withdrawal from my bank but the only money i get is the comision?
Submitted: 3 years ago.
Category: Finance
Expert:  Megan C replied 3 years ago.
Thank you for your question, and thanks for using JustAnswer.com.

Let's pretend that you have a $1,000 transfer with a $10 commission. Someone comes in and gives you $1,000 to transfer to someone else. These are the entries that you will make:

1) to record the deposit

Debit Cash $1,010
Credit Transfers Payable $1,000
Credit Revenue $10

2) to record the transfer

Debit Transfers payable $1,000
Credit Cash $1,000

I hope this makes sense. In essence, the transfer amount is a liability to you, because it is not your funds to use - it's designated for the person receiving the wire.

Keep in mind that the term "revenue" and "sales" are used interchangeably. You may need to set up a transfer liability account on your books to keep track of all of this, though. This would be a current liability.

Please let me know if this is not clear. Thanks for using JustAnswer.com and have a happy, and safe, 2013.

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Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16538
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and other Finance Specialists are ready to help you
Customer: replied 3 years ago.


i just want to know how to print my answer I am very stisfied with it and will rate it as soon as i get the response on the print options, thanks

Expert:  Megan C replied 3 years ago.
Thank you for your reply. You can print this using your browser's print function, or you can highlight the answer, copy it, paste it in word or another word processing software, and then print it from there.

Please let me know if you need any additional assistance.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site*

Expert:  Megan C replied 3 years ago.
Thank you for the positive rating. Please remember me the next time you have a question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer