Treatment of fees versus future income


A

AGWalsh

Hi
I recently came across an interesting problem and I would love to hear
other people's advice on how to treat it. I set up QuickBooks for a
client...a financial advisor who offers both fee based advice and
commission based products. One of the things he does for clients is
that he will give them advice and then charge a fee. However then this
same client may purchase some financial products e.g. life cover etc.
My client will then deduct the commission he expects to receive from
sale of the life cover from the fee income. So the customer is
invoiced like this:
Financial advice 1000
minus life cover commission 800
Total payable by client 200

What is the best way to treat this in Quickbooks...I haven't done
anything with the client around this one as I wasn't sure of the best
way to handle it..
Rgds
Anne
 
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