Record online sales that include 10% going to charity
We run an online store for a client's employees. Sales $ are captured via Stripe. We record the sales in QBD then receive Stripe payouts and deposit. For a subset of products the client now wants us to mark up price by 10% and use that extra amount for charity donations. I don't yet know if we'll donate directly, or we'll send the funds to client for them to donate. Either way, the 10% goes into a liability account? Use an Other Charge item connected to the liability account on the sales receipts?
Let me guide you on how you can change your mark up account.
Here's how to do it:
From the Edit menu, choose Preferences then select Time &Expenses.
Go to the Company Preferences tab.
In the Invoicing Options section, check the Mark all expenses as billable option.
Enter the Default Markup Percentage. - You can leave this blank if there isn't a default percentage for the markup.
From the Default Markup Account drop-down menu, choose the correct account. - If you don't have one yet, you can always scroll up and select Add New to quickly create a markup account.
The next thing to do is to enter the power and porta potty bills as billable expenses:
From the Vendors menu, select Enter bills.
Choose the Vendor.
Enter the Date.
Fill in the appropriate details in the following fields: - Account: Make sure to choose the correct account. - Amount: Enter the total amount of the bill. - Memo: You can leave this field blank if necessary. - Customer:Job: Choose the customer billable for this expense. Choosing the customer will automatically mark this expense as Billable.
Click Save &Close.
Lastly, create the invoice for the customer with the marked-up amount.
On the Customers menu, select Create Invoices.
Enter the customer that you entered on the bill.
On the Billable Time/Costs pop-up window, choose to Select the outstanding billable time and costs to add to this invoice.
Go to the Expenses tab.
Select the right expense.
In the Markup Amount or % field, make sure the correct amount or percentage is entered.
In the Markup Account field, make sure the right account is selected.
Click OK, then Save & Close.
That should do it. I'm just around ready to help you if you have additional Quesions. Have a great day