cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

How do I record a book sale so that the taxes and shipping fee is properly recorded

We are a small publishing company and have opened an online store. I'm struggling with how to record a book sale so that the income and expenses related to a book title are properly recorded for that title.

Here's an example:


A book title selling price is $10.00
Our printing expense for that book title is $2.00
We offer free shipping and the expense for the shipping is $1.00
Our net profit for the book is $7.00


I have set up each title as a project and that has been a great way to look at the initial expenses for the title. I would like to continue to track this way each time we direct sell a copy of the title so by looking at the project for the title we can tell it's profitability.

Solved
Best answer November 14, 2019

Best Answers
Highlighted
QuickBooks Team

How do I record a book sale so that the taxes and shipping fee is properly recorded

You're on the right track of adding the transactions, DesertBooks.

 

Let's make sure to create the items in the product/service section. This way, we can keep track of your sales and expenses.

 

To record the book item with a selling price of $10.00, you can follow these steps:

  1. Click the Gear icon located in the upper right-hand corner.
  2. Under Lists, select Products and Services.
  3. Click the New button, and select the product type (inventory or non-inventory).
  4. Enter the name, and then add the $10.00 in the Sales price/rate box.
  5. Choose the income account.
  6. Click Save and close.

Next, add the shipping fee and printing expense items by following the steps above. The difference on the steps above is you have to add the amount as a negative. Then, select an expense account. 

 

Here's a sample screenshot: 

 

 

Once done adding all the items, let's create a bundle that includes the shipping fee and printing expense:

  1. Click the New button, and select Bundle as the type.
  2. Enter a name, and add the the shipping fee and printing expense.
  3. Click Save and close.

 

Finally, create a customer transaction (sales receipt or invoice) and add the items under the Product/Service section (See sample screenshot).

 

 

Then, go to the project page and run the Project Profitability report.

 

If you have further questions about the steps above, please let me know and I'll get back to you. Thanks.

View solution in original post

1 Comment 1
Highlighted
QuickBooks Team

How do I record a book sale so that the taxes and shipping fee is properly recorded

You're on the right track of adding the transactions, DesertBooks.

 

Let's make sure to create the items in the product/service section. This way, we can keep track of your sales and expenses.

 

To record the book item with a selling price of $10.00, you can follow these steps:

  1. Click the Gear icon located in the upper right-hand corner.
  2. Under Lists, select Products and Services.
  3. Click the New button, and select the product type (inventory or non-inventory).
  4. Enter the name, and then add the $10.00 in the Sales price/rate box.
  5. Choose the income account.
  6. Click Save and close.

Next, add the shipping fee and printing expense items by following the steps above. The difference on the steps above is you have to add the amount as a negative. Then, select an expense account. 

 

Here's a sample screenshot: 

 

 

Once done adding all the items, let's create a bundle that includes the shipping fee and printing expense:

  1. Click the New button, and select Bundle as the type.
  2. Enter a name, and add the the shipping fee and printing expense.
  3. Click Save and close.

 

Finally, create a customer transaction (sales receipt or invoice) and add the items under the Product/Service section (See sample screenshot).

 

 

Then, go to the project page and run the Project Profitability report.

 

If you have further questions about the steps above, please let me know and I'll get back to you. Thanks.

View solution in original post

Need to get in touch?

Contact us