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Hi, I am playing around with a trial of QB to see if it is suitable for my purposes.
at the moment I use reckon which seems to be the most customisable platform, even though it seems cumbersome and outdated
We are wholesalers who pay a royalty to the designers of our products fortnightly. In Reckon, I have added 2 custom fields per product. One which holds the Royalty value for sales within Australia/New Zealand and one that holds the royalty value for rest of the world sales…
i then has a custom field for our customers that lets me know if they are a AU/NZ or ROW customer.
from there I can run a report that has all sales including the 2 custom product fields and the custom customer field that I then import into excel and create a royalties report per designer… hopefully that is as clear as mud…
is there anyway I can do this sort of thing with QB?
Solved! Go to Solution.
Hi Peter-CA,
Thanks for getting back to us with examples provided. QuickBooks Online offers simple inventory tracking feature at the moment. I'm afraid for the royalty tracking feature is unavailable in the current offerings. At the moment, we can only use class and location tracking option and assign specific class per line item in tracking commissions and royalties.
I can see how helpful to be able to track royalties in QuickBooks Online. I can add this to our report and let our Product Developers team know of this feature. You can leave a feedback inside your QuickBooks online account, then clicking on your Gear Icon in the upper right hand corner, then clicking on Feedback. This is the quickest and most direct way to send improvements or suggestions to our system engineers.
In the meantime, you can check the screenshot of the example below if this is applicable or works for you.
Post again in the Community if you have more questions. Or contact our support team through Help menu in QuickBooks. The rest of the team is here to help you.
Welcome onboard to QuickBooks Online, Peter-CA.
To be able to track the royalty sales for Australia/New Zealand and ROW, you can use the location and class tracking feature in QuickBooks Online. Then, create an income account to track your royalty sales. And then you can run report called Profit and Loss by Class or Location.
Just a heads up that this feature is available in the PLUS version. If you're using a Simple Start or Essentials Plan you can upgrade your account to PLUS plan.
Let's use the steps below to turn on the class and location tracking in QBO.:
Once done, you can create an Income account to track your royalty sales for each region or just one account as a whole. Here's how:
Then, you can assign the income account to the Product/Service you've added in your Products/Services list.
You can check this link to learn more about class and location tracking Turn on class tracking in QuickBooks Online and Set up and use location tracking.
Feel free to post again in the Community if you have questions. I'll be around to help you.
thankyou for your reply @IntuitSheila,
I have implemented what you suggested and I can see that this will let me run reports on sales... but I do not think that it will do everything I require for the royalties...
We have many products that we sell all over the world from our location in AUS. we pay royalties on each product based on a number of factors but primarily cost of production so I need to save the royalties per product somewhere so that I can access it...
An example would be
Product 1 - Price $8
AU/NZ royalty $4
ROW Royalty $2
Product 2 Price $55
AU/NZ Royalty $20
ROW Royalty $10
So I need to run a report on all product sales in a fortnight and seperate them into AU/NZ or ROW sales and have their corresponding Royalty value so that I can work out how much I need to pay my designers.
Is this something I do seperate to what you have shown me or have I missed something?
Hi Peter-CA,
Thanks for getting back to us with examples provided. QuickBooks Online offers simple inventory tracking feature at the moment. I'm afraid for the royalty tracking feature is unavailable in the current offerings. At the moment, we can only use class and location tracking option and assign specific class per line item in tracking commissions and royalties.
I can see how helpful to be able to track royalties in QuickBooks Online. I can add this to our report and let our Product Developers team know of this feature. You can leave a feedback inside your QuickBooks online account, then clicking on your Gear Icon in the upper right hand corner, then clicking on Feedback. This is the quickest and most direct way to send improvements or suggestions to our system engineers.
In the meantime, you can check the screenshot of the example below if this is applicable or works for you.
Post again in the Community if you have more questions. Or contact our support team through Help menu in QuickBooks. The rest of the team is here to help you.
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