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Old 10-11-2010, 03:10 PM
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Default Accounting Question - Tips

I had a customer the other day throw on an extra $10 to the total bill for a tip. He paid with a check, so when I applied it to his account, I now show him with a credit of $10. How should I handle this from an accounting standpoint? If I just enter in the total of the bill, it will throw off my banking because the deposit will be off by $10. If I enter the total, including tip, my billing will be off by $10. Thoughts?
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Old 10-11-2010, 04:53 PM
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Split the transaction and put the $10 in an account for tips received.

Normally, I just increase their bill by X amount and act like I billed them that much originally.
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Old 10-11-2010, 05:02 PM
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Quote:
Originally Posted by MrUnknown View Post
Normally, I just increase their bill by X amount and act like I billed them that much originally.
This is what i do... much easier, and technically going to the same place (me/my company).
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Old 10-11-2010, 05:25 PM
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Tips go at a higher tax rate than earned income? I don't know.
The smart thing to do with accounting (double entry system) is to get the latest form
you are going to report on, like a partnership has certain things they want to know, then
set up those accounts in your accounting software.
ask an accountant, and do it the right way the first time.
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Last edited by PcTek9; 10-11-2010 at 05:35 PM.
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Old 10-11-2010, 06:03 PM
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Okay, thanks guys. My accounting is a nightmare anyways. I'm just going to hire an accountant to set me up and fix what I have already. I should have done it to begin with, but I didn't really have the money at the time.
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