In our art gallery, all artist sales are on a 65/35 revenue split with the gallery. Each artist can set a discount level they are willing to give in order to close a sale. We just had a $600 sale. Without a discount, the transaction would have been recorded as:
Bank Deposit: $600
Artist Jane Doe Sales Payable: $390
Gallery Commission Income: $210
If the sale was made with a 10% discount, I want to track each artist so I set up:
Gallery Discounts Given:
with a sub Jane Doe Discounts Given: -$21
I'm stuck on the best way to adjust the Artist Sales Payable. Should I just make another entry that is simply: Artist Jane Doe Sales Payable: -$39
or is there a way to have an account to track the discount from the artists sales separately without having to manually figure out how much to write the check for when the artist is due for payment?
My Vendor is due to pay me $10,000 as commision. However I am yet to pay them (my AP) $6,000 for the purchases I made from them. So my AP has issued me a cheque of $4,000 clearing all the dues. How do I enter this transaction in quickbooks without creating issues in Bank reconciliation?