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selling antiques items on commission

Hello, I sometime sell vintage transports items (mainly bicycles) by commission for the owners. I.e, a customer gives me a bicycle to sell. We agree a sales price. I market and sell the bicycle at that price. Then pay then original owner minus my commission percentage. Is this percentage classed as 'cost of goods for resale', or is it classed as something else. 

 

I use quickbooks self-employed. Is there a way of recording and issuing both parties via invoicing? 

 

Regards, Tim 

Solved
Best answer 12-05-2019

Accepted Solutions
QuickBooks Team

Re: selling antiques items on commission

Hello Gunnandco

 

The items that you sell on behalf of the customer and the cost to you of then paying back the original owner minus the commission, do you want that to show as an allowable expense?We would recommend looking at this link for more information on the best option based on if you want it to show as allowable or disallowable

 

 

Emma

View solution in original post

1 REPLY 1
QuickBooks Team

Re: selling antiques items on commission

Hello Gunnandco

 

The items that you sell on behalf of the customer and the cost to you of then paying back the original owner minus the commission, do you want that to show as an allowable expense?We would recommend looking at this link for more information on the best option based on if you want it to show as allowable or disallowable

 

 

Emma

View solution in original post