Commission payments

[paulb]

Hi,
Just wanted to ask you guys a quick question regarding payment of commission.

Be that H4H or general commission to the manager of a site, how are you logging this in your books, if you are paying H4H i can imagine its pretty straight forward but to pay individuals who are already taxpayers.

Perhaps im thinking about this to much, I just know my accountant who is a stickler for this type of thing would want me to keep some track record of payments going out and to whom ??

Cheers
Paul

[Vendingwarehouse]

If your sites thought that you were logging the money you give them I reckon you would loose a good few of them. They use this couple of quid as a bit of pocket money for a few bevvies some night and the last thing they want is the revenue asking about it.

[Rossi fan]

Hi,

I have to disagree with you on this Noel. All my sites receive a receipt from me. If they choose to trouser the commission, then that is their issue. I have never lost a site because I run my business in this way. As for H4H, I place this money in another account and then transfer the balance to H4H once each month.

Thanks,

Paul

[Venderbase]

I also give every site a receipt.
Just get a simple duplicate receipt book from Staples and scribble down the site name, how much it took and how much you pay them.
It doesn't look official enough for the site to care, yet you have a log of every payment.

[Snackmore]

I do similar and get the site to sign for the cash, do you all get autographs or am I going over the top?

[paulb]

Cheers fellas thanks. I think a simple reciept book is the best option. up to them what they do with the money at that point.

thanks
Paul

[Venderbase]

I don't bother with signatures.

[Rossi fan]

I get signatures because you often find that its a barmaid that takes the commission and if the landlord does not get it, I have proof of who has signed for it. If you get a workable system from the outset, then issues dont usually arise.

Thanks,

Paul

[Venderbase]

I used to for that reason too, but I know all the staff at sites now do don't bother.
I've never ever had a problem.

[valiant016]

When I was new to vending I used to pay on site each time I vended and give a receipt.
On 80% of my sites I still do this.
The reason I changed this for some sites was that I lost a couple of sites who thought their "cut" was to small. So in some cases I ask them how often they want paying.
I now have about 15 sites where cash up each time but only pay half yearly, either April or October or annually.
This means they get a decent chunk of cash in one go and it makes it look worthwhile.
I also receipt this but it is up to the site what they do with it.

I think a signed receipt is important, as my accountant says, you don't want the Inland Revenue breathing down your neck.

Valiant