Good afternoon everyone. Just a quickie please, does anyone look after the books for a shop that sells lottery tickets please? I'm just wondering if you do, whats your double entry for it ? They take the sales for the lottery and the scratch cards, etc, then the prizes given out come off this ( I know all these figures as the lottery machines print off these every week) then a commission is deducted (for the shop owner) then the net of all this is collected by BACS by Camelot from the shop owners bank account. The commission figure on the print out forms the sales invoice in effect, but me head is hurting today, so can I havr a little help please ??!!
Yes thank Rob, I've been going along something like that. I obviously cant take the full sales and the prize money to the shop owners P&L cos in effect its not their sales and purchases. Its just the commission that needs to go through the p and l as revenue and then obviously the bank rec. Thanks Rob, you confirmed my long winded workings !!
What Rob has said sounds about right. The only part you need to be concerned of is the commission you receive, which will go in your P&L. The lottery account should balance to zero every time Camelot collects their funds.
