Do you buy postage and then sell it to customers? Or do you let the customer write a check to the Postal Service direct? If you do, here is a note of caution: they’re not supposed to take third party checks but some do. Note that if the check bounces then it is YOUR postage account that they withdraw cash from to cover the check and that may adversely affect the delivery of other mail for other customers. So, now that you don’t do that anymore, how do you Handle Customer Postage within Financial Statements without overstating expenses or income?
Tom discusses two main ways: using a Balance Sheet Clearing Account or using an Income Statement Clearing Account. Also other advanced postage questions are answered such as how to handle the accounting transaction when postage is bought, marked up and then sold to customers.
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