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General Accounting Discussions: Foreign parent company charging 10% fee per invoice

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  1.  
    • CommentAuthorbrimo72
    • CommentTimeJun 19th 2008
     
    Foreign parent company is going to charge US subsidiary a fee of 10% on total invoice amount, per invoice. Anyone know how I can account for this. I would like to set up it's own g/l accounts to keep this type of transaction separate.

    Any ideas would be appreciated.
  2.  
    Set up Cost of Goods account (Parent Company Fees)

    Debit - Parent Company Fees
    Credit - Fees Payable

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