RACE RESULT is often asked about the correct accounting rules for the online payment payouts. This article provides a proposal. RACE RESULT does not take any liability for the correctness of this information. Please consult a local tax consultant for open questions.
How should I account for the payouts of the online-payment?
The registration of a participant creates accounts receivable. By receiving the payout these cumulated accounts are reduced.
Account regularly for new sales (e.g. weekly or monthly). The function "Sales List" under "Overview > Online-Payment" lists all sales for the given period.
| DEBIT | CREDIT | ||
|
Accounts Receivable |
1,190 EUR | Revenues at 19% VAT | 1,000 EUR |
| 19% VAT | 190 EUR | ||
Is the payout 500 EUR worth of entry fees and 11.90 EUR payment fees are deducted, book the accounts as follows:
| DEBIT | CREDIT | ||
| Bank | 488.10 EUR | Accounts Receivable | 500 EUR |
| Costs of money transfer | 10.00 EUR | ||
| Input VAT 19% | 1.90 EUR | ||
Please note that RACE RESULT 12 tracks when a sale is created. In case you use the online self-service and athletes can book chargeable services after the initial registration - e.g. by booking a shirt - this may result in different creation dates of the sales items.