Hi everyone,
I currently operate a Canadian franchise and am having difficulty tracking SALES vs payments. We reconcile payments and charges on a weekly basis. My sales are calculated based on POS and third party transactions, but my payments are not exactly equivalent to my sales. We received credits from the franchisor and third parties for marketing and other reasons. We pay taxes on SALES, so I cannot enter my payments from all the vendors as an invoice because it will record as total sales, which is not correct.
IE. Sales shows 10,000 for the week
Payments Received:
1000 Visa
1000 MC
1000 Debit
5000 third party platforms
1000 Cash
500 Credits
1000 Visa Debit
Total Payments= 10,500
How can I used QBO to record true sales figure of 10,000, but still apply 10,500 payment to my AR account without accounting for 500 of extra revenue?
