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The uniqueness of Balanced makes it difficult to understand in traditional accounting/taxing terms. For example, when is money recognized as income, for whom, and how much? Does the seller need reporting for the individual transaction amounts and dates that go into escrow, or can they only see the resulting ACH transfer into their bank account (minus the marketplace fees)? Is the income recorded when the ACH transfer occurs or when the customers card is originally charged? How would it be recorded if the marketplace wants to charge the customer a fee instead of the seller a fee?
This isn't exactly a responsibility of Balanced to solve marketplace accounting issues, but it would be helpful even to provide a list of accountants/lawyers that are partners with Balanced and are familiar with these scenarios and the role of Balanced.
The text was updated successfully, but these errors were encountered:
The uniqueness of Balanced makes it difficult to understand in traditional accounting/taxing terms. For example, when is money recognized as income, for whom, and how much? Does the seller need reporting for the individual transaction amounts and dates that go into escrow, or can they only see the resulting ACH transfer into their bank account (minus the marketplace fees)? Is the income recorded when the ACH transfer occurs or when the customers card is originally charged? How would it be recorded if the marketplace wants to charge the customer a fee instead of the seller a fee?
This isn't exactly a responsibility of Balanced to solve marketplace accounting issues, but it would be helpful even to provide a list of accountants/lawyers that are partners with Balanced and are familiar with these scenarios and the role of Balanced.
The text was updated successfully, but these errors were encountered: