When your company rents out items via Hygglo, you must record both the income from the rental and the commission fee paid to Hygglo in your bookkeeping.
How to Record Income
Your company’s income is the total rental price paid by the customer (the cost for rent excluding our booking fee). This includes VAT. Hygglo deducts a commission fee (16% + VAT) before transferring the remaining amount to you.
How to Record Expenses
Hygglo’s commission is a business expense. You should record this as a cost with
incoming VAT.
Example Transaction
Bengt rents an ozone generator from Rentout AB for 200 kr.
Rentout AB should record:
Income: 160 kr (excluding VAT)
Outgoing VAT: 40 kr (200 kr total - 160 kr net amount)
Expense (Hygglo’s commission): 32 kr (excluding VAT)
Incoming VAT (on Hygglo’s commission): 8 kr