I am a retail shop that has inventory, custom work and sells consignment stock of which I get a percentage. Following the guides I have set up a Daily Sales Sales Receipt to record my daily taking, which includes Inventory, Invoices payment (for custom work) and Consignment Sales. Again following the guides I have set up Consignment Sales Sales Receipts for the Consignors and my percentage. My concern is that all these Sales Receipts appear in the Chart of Accounts Sales and my P& L, and are reporting each transaction twice, once as a Daily Sale and then as 2 Sales Receipt for Consignment - the consignee and my percentage, and the Invoices themselves. Should I discontinue using a Daily Sales Sales Receipt or is there a hierarchy that can be set up, as I need to add the credit card payments and cash deposits asap, as I have a end of year BAS (tax) report to sort out, plus EOFY.
Thank you for reaching out to us here in the Community, TT1357.
You're correct. Sales receipts will show as sales on the chart of accounts because the transactions are tracked as income. Each time you receive payments or record consignment sales and payouts, all these activities are recorded on the Profit and Loss Report.
Since your daily sales and sales receipts consignment are different activities, the income receive for each transaction is tracked separately on the report. That’s the reason why you have two entries (Daily Sales and sales receipt for consignment).
Please let me know if you have additional questions about QuickBooks. I’m here to help you. Have a good one.
Thank you for your speedy response. Just to clarify in my mind, If both Daily Sales, Consignment Sales Receipts, Inventory Sales Receipts and Invoices are recorded in P&L, doesn't this count the $ transaction twice? Daily Sales in my case relates to my Cash Register Daily Sales takings, which would naturally include Consignment Sales (for which a two Sales Receipt - one for the Consignor % and the Store%, is raised), Sales Receipts of any of my Inventory sold on the day and Invoices for Custom Work paid for on the day. Or am I over thinking this??