Sales Receipts/Payment Combo

I'd like to solicit advice from this group. Periodically, I have a situation where I get a check from a vendor. The check reflects payments received by the vendor for an event we put on. The vendor deducts their expenses and the check our organization receives are the net proceeds. In the past I have posted the sales receipts.  I then "write" a check against undeposited funds and then transfer the net to our checking account. My question then is whether or not there's a better way. Curious what other folks have done or do.

Thank you!