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Hi. I have a question for the above. Scenario as per below:
a. Customer purchased gift packs from us via our website.
b. Payment received through our bank account
c. accumulated amount will be used to purchase the gift packs from our suppliers.
d. COS and delivery cost will be used from the amount we received in step (a.)
I understand that this payment will be posted under Current Liability account first before we can recognized as revenue.
My question is :
1. Can I have a step by step guidelines to post the above scenario?
2. How do we pay the COS and delivery cost using the amount that is under the current liability account?
3. Why is my product/service that we linked the income account to the Current Liability Account did not appear under its account history?
Thank you.
We're delighted to have you here today, @CTZEE12. We'll provide details to help you get around this to record gift packs and reflect them in their respective accounts inside QuickBooks Online (QBO).
When a customer purchases an item or product from your company, you'll want to enter them as an Invoice and receive payment once it's settled. We'll input the steps below to get you going:
After invoicing your customer, you'll need to record their payments to indicate that the transaction is complete and added to your books inside the program. You can visit this page for further guidelines: Record invoice payments in QuickBooks Online.
When paying the gift packs from your supplier, you can enter it as a Bill and settle it. We recommend checking this article for more details: Enter bills and record bill payments in QuickBooks Online.
In tracking the COS and delivery fees, you'll need a liability account, set up a non-taxable item, and then add the retail delivery fee to your invoice. You can check these articles to learn how you can set up a liability account and a non-taxable item inside QuickBooks:
Once ready, here's how you can add the retail delivery fee to an invoice:
Lastly, record the payments made to your tax agency. These are the steps:
In your last scenario, we recommend reviewing the Income account used under the gift packs. Ensure they're using a Current liability account as their income account to show them in your account history. Furthermore, you can check this page to help you verify transaction records inside QBO and add more details when running a report:
You can comment below or visit us anytime here in the Community space. We'll be here to provide further assistance in managing transaction posting inside the program. Keep safe, and have a nice day.
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