Record sale of International Calling Airtime commission in Quickbooks
We buy international calling airtime by credit card. This airtime is bought and sold on daily basis. It creates a prepaid asset when we buy the airtime. At end of month, we get a report which shows the amount of commission earned on the sale of the airtime.
On credit Card Purchase of Airtime
Dr Airtime Prepaid Asset Account $1000
Cr Credit Card Payment $1000
On Sale of Airtime daily basis
Dr CASH $100
Cr Sales of Airtime $100
At end of month we have a report from vendor
Opening Balance of Prepaid airtime $300
Add Purchases during Month $5000
Closing Balance of Prepaid airtime $500
Our income regarding this transaction is only the commission made. We do not want to record sale of airtime like our inventory or not inventory sales items. Any suggestion, how we can record it in quickbooks?