Institute of Certified Bookkeepers
First Previous - Page 1 of 1 - Next Last

Recording Lotto and Translink Sales for Newsagents - and reporting on BAS

  • Member in Practice
  • Practice Certificate
  • 13 posts
  • # 91941

Hi

I have a new client that runs a newsagency and like many in this industry they sell 'Go Cards' on behalf of Translink and received income from Translink by way of commission.  The same is true of the Golden Casket lottery tickets. Both these sales items generate a lot of sales through the register but the commission income is obviously only a fraction of this. 

The previous bookkeeper had been recording all these sales as the newsagent's sales income but I was thinking that only the commission would be income and the rest is just like a banking transaction where the newsagent collects the money on behalf of Golden Casket or Translink and then these organisation withdraw the ticket sales from the newsagent's bank account leaving the commission he earned from the transactions.

I have tried to seek clarification from Translink and Golden Casket and neither organisation could give me advise on the recording of these sales in BAS.  Now there are heaps of newsagencies out there selling these items so hopefully someone on the forum can help me with this question?

Bottom line - should G1 = all sales through the newsagency (including Go Card and Lottery ticket sales) or just the commission income earned during the period?

My feeling is it should only be the commission earned as surely Translink and Golden Casket are recording their sales through the various outlets they use as their sales.  So if the newsagencies are also recording these sales they would be double counted??

Thanks in advance!
Jo

  • 4 posts
  • # 117993



I have a new client that runs a newsagency and like many in this industry they sell 'Go Cards' on behalf of Translink and received income from Translink by way of commission.  The same is true of the Golden Casket lottery tickets. Both these sales items generate a lot of sales through the register but the commission income is obviously only a fraction of this. 

The previous bookkeeper had been recording all these sales as the newsagent's sales income but I was thinking that only the commission would be income and the rest is just like a banking transaction where the newsagent collects the money on behalf of Golden Casket or Translink and then these organisation withdraw the ticket sales from the newsagent's bank account leaving the commission he earned from the transactions.

I have tried to seek clarification from Translink and Golden Casket and neither organisation could give me advise on the recording of these sales in BAS.  Now there are heaps of newsagencies out there selling these items so hopefully someone on the forum can help me with this question?

Bottom line - should G1 = all sales through the newsagency (including Go Card and Lottery ticket sales) or just the commission income earned during the period?

My feeling is it should only be the commission earned as surely Translink and Golden Casket are recording their sales through the various outlets they use as their sales.  So if the newsagencies are also recording these sales they would be double counted??

Thanks in advance!
Jo”

 I guess that the main problem is that you have to show your earnings from lottery winning, or simply wait for their actions. They will certainly find you if you will be needed them...
All in all congratulations that you earned something participating in lottery

  • 3 posts
  • # 117994


 I guess that the main problem is that you have to show your earnings from lottery winning, or simply wait for their actions. They will certainly find you if you will be needed them...
All in all congratulations that you earned something participating in lottery


 Did you even win something participating in lottery? Personally I win at least $50 each time I buy lottery ticket. And these aren't empty words, because there is a good and well known tactics of selection of "hot nubmers". Personally, I check sweep results from this site mysingaporepools.com and then I fill hot numbers in the lottery ticket I buy, and, as a result 3 or 4 digits coincide the winning ones :) Frankly speaking, due to this tactics I've been able to earn $1900 :)



Edited at 13 Aug 2019 10:27 PM GMT

  • Fellow in Practice
  • Practice Certificate
  • 266 posts
  • # 117995

Hi Jo

 

I agree with you, the only income that your client is earning is the commission.  Effectively the difference should be getting paid back to Translink and Golden Gasket.  So you would do a journal from the appropriate liability account to income inclusive of GST for the commission and then the balance would be paid to the appropriate body from the bank and allocated to the liability effectively reducing the liability for that period to $0

First Previous - Page 1 of 1 - Next Last
loading