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Level 2

Sales Receipts / Invoices with quantity and amount but unknown rates

Good morning Beautiful Intuit family, 

 

I'm hoping someone could assist me. 

I'm tracking book sales in QBO plus. My sales  / Royalty reports that i get from amazon / iTunes etc  are quite in depth and detailed.  I was trying to just track the no. of books sold  per book title, and the corresponding royalties due to us.  

 

For example June amazon sales  on one sales receipt / invoice 

 20 Books of Tile 1 kindle format = $100 dollars due to us 

10 Books of title 1 Paperback =  $200 dollars due to us in Royalties. 

5 books title 2 Kindle = 125  dollars due to us 

 etc etc 

 

I dont  really know what the rate is because it changes with every transaction it seems and varies form sale to sale even with the same books.

 

Question:  is there a way to simply put in quantity and the  amount and qbo works out the rate for each transaction.  The information I need it the line item quantity and total. 

 

Please advise, 

 

Thanks so much !!! 

 

and PS  if anyone has any experience importing Amazon KDP / iTunes books sales or any of the self publishing platforms into quick-books  please let me know. :-) 

 

3 Comments
Moderator

Sales Receipts / Invoices with quantity and amount but unknown rates

Good morning too, @LMB77.

 

It looks like we've seen each other in the Community last August 6th regarding book sales. I'm happy you're back, and I can assist you with your two concerns above.

 

Yes, you can enter the Qty and the Amount every time you create a transaction. The system will auto-calculate the rate by dividing the said two figures for each line item.

 

I'll use your examples above. The corresponding rates are: 

  • $100 dollars / 20 Books of Title 1 Kindle Format = 5
  • $200 dollars / 10 Books of Title 1 Paperback = 20
  • $125 dollars / 5 Books of Title 2 Kindle = 25

 

Once done, you'll get the information you need (line item quantity and total) for each transaction. See the screenshot below for your visual reference.  

TransactionForTheBookSales.PNG

 

For your second concern, I'd suggest looking for a third-party app that can integrate with QBO. This way, you'll have an option to import your Amazon KDP or iTunes book sales into the program. There are two options for this: via the Apps menu or the QuickBooks App Center.

 

Here are the steps for the second method: 

  1. Go to this link: https://quickbooks.intuit.com/app/apps/home/.
  2. Select US as the flag for the region. 
  3. Enter "Import" or "Amazon" or "Apple" (iTunes) in the Search box. 
  4. Check their profiles to learn more about their benefits. Choose the right one for your business.
  5. Click Learn more/Get app now
  6. Select the QBO version you're using. 
  7. Choose Connect

 

I recommend running the Sales by Product/Service Detail report in the program. It lets you keep track of the number of books sold per title and their corresponding royalties. Just go to the Reports menu and enter its name in the Search box. Here's what it looks like: 

SalesByProductServiceDetailReport.PNG

 

You can also customize the said report to focus on the details that matter the most to you. 

 

Don't hesitate to leave a comment below if you need anything else. The Community and I will be around to help you. 

Level 2

Sales Receipts / Invoices with quantity and amount but unknown rates

HI Raymond, 

 

Thanks so much for your helpful reply and yes that was me in August :-0 ) Good memory!  and thank you for helping me!! 

 

@RaymondJayO  I found a way , with the help of many people, to track commissions ( royalties owed to the authors) by using the bundle option within products and services.

 

Within the  bundle is 

- book title X 

- Commission Liability  ( royalty due author) for book title x 

- Commission Expense - ( royalty paid to author)  for book title x

 

the liability and expense are + and -  @ 50% which is the commission rate and effectively cancels each other out so doesn't affect the product line item or total of the sales receipt  but accounts and accrues for the commission owed for each author .

 

Have you heard of / know of this method / workaround ? 

 

However , My friends didn't know how to make  the above work without the  quantity  being 1  which means i cant track the no. of books sold using this method.  Do you possibly have any solutions for me in this regard? 

 

 Will check out the app store now.  I guess you are ot able to make specific recommendations  :-) 

I'm excited to make this work because the reporting features for products and services is very rich and will provide everything I need. 

 

Thanks so much,

 

Leigh

Moderator

Sales Receipts / Invoices with quantity and amount but unknown rates

Thanks for coming back, @LMB77

 

Workflows may be different depending on the type of your friend's business, which is 501(c)(3)

 

I've already heard the method you've provided above about utilizing the bundle option. Since it worked for you, I'd suggest using it from now on. I also don't have other possible solutions regarding this.

 

Additionally, I recommend visiting this website: Help Articles. It is a resource hub that helps you manage your QBO account, income, expenses, banking, inventory. Just click the + More topics button at the bottom of the page. 

 

Please let me know if you need anything else by clicking the Reply button below. 

 

Thank you for being the best part of QuickBooks! I'm cheering on your continued prosperity while using the program. 

 

Best regards, 

Raymond Jay

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