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Milty99
Level 1

Tri party agreement

Hello I need to understand how to put the following transactions into QuickBooks online.

3 parties involved due to credit line of reseller is under the cost of goods required.

end user, reseller and supplier

reseller invoices end user £20000 for goods

supplier invoices reseller £8000 for supply of goods

end user pays supplier £20000. 

supplier takes of cost for supply of goods and pays reseller (£20000 - £8000) = £12000.

reseller only gets £12000 of a sales invoice of £20000 so an effective shortfall of £8000

any one know how to enter these transactions so that the invoice of £20000 fully accounted for. I suspect it will be done with journal entries but unsure how to go about this

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