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Carpediemck
Level 2

How do i set up an account for a trade organization that collects fees through percentages of sales with certain stores to whom i sell?

how would i set up accounting for a trade organization that pays the invoices for sales to certain stores to whom i sell,  after it deducts its percentage.
Solved
Best answer December 18, 2019

Best Answers
JasroV
QuickBooks Team

How do i set up an account for a trade organization that collects fees through percentages of sales with certain stores to whom i sell?

Hello there, @Carpediemck.

 

You can either create a Credit Memo or add a line item to the invoice with a negative value. Let me guide you how.

 

In your QuickBooks Online (QBO):

  1. Go to the (+) Plus icon.
  2. Select Credit memo.
  3. Choose a customer.
  4. Enter the Credit Memo Date.
  5. Fill in the necessary information.
  6. Once done, click Save and Close.

Here's an article you can read for more details: Enter and Apply a Credit Memo or Delayed Credit.

 

I'd recommend consulting with your accountant if you want more insights on how to better record this.

 

Also, check this article for reference in case you'll need to link a deposit to an invoice.

 

I'm always here if you have other concerns with your QBO. Have a great day!

 

View solution in original post

3 Comments 3
JasroV
QuickBooks Team

How do i set up an account for a trade organization that collects fees through percentages of sales with certain stores to whom i sell?

Hello there, @Carpediemck.

 

You can either create a Credit Memo or add a line item to the invoice with a negative value. Let me guide you how.

 

In your QuickBooks Online (QBO):

  1. Go to the (+) Plus icon.
  2. Select Credit memo.
  3. Choose a customer.
  4. Enter the Credit Memo Date.
  5. Fill in the necessary information.
  6. Once done, click Save and Close.

Here's an article you can read for more details: Enter and Apply a Credit Memo or Delayed Credit.

 

I'd recommend consulting with your accountant if you want more insights on how to better record this.

 

Also, check this article for reference in case you'll need to link a deposit to an invoice.

 

I'm always here if you have other concerns with your QBO. Have a great day!

 

View solution in original post

Carpediemck
Level 2

How do i set up an account for a trade organization that collects fees through percentages of sales with certain stores to whom i sell?

If I set up a credit memo to the actual store, for the percentage payment to the buyers org., that credit memo deducts from the next invoice from the store and not the trade organization. How does one correct that?

DivinaMercy_N
QuickBooks Team

How do i set up an account for a trade organization that collects fees through percentages of sales with certain stores to whom i sell?

Thanks for getting back here, @Carpediemck.

 

Allow me to step in and provide additional info. You'll need to customize the Service item you use for the Credit memo so when you create one, the amount will go to the account associated with the item. 

 

For example, if the Service item Income account is an Expense like Expense Fee. When you create a credit memo the amount will go directly to the Expenses instead of a deduction on the Income account in the Profit and Loss.

 

Then, that credit memo can be used anytime to any invoice for that specific customer in QuickBooks Online (QBO). To create one, you may refer to the steps provided by my colleague, JasroV.

 

Also, to further assist you in recording this in QuickBooks, I recommend consulting your account for guidance. If you don't have one, you can use our Find an Accountant tool to look for accounting professionals near you.

 

Here's how:

 

  1. Visit this link: https://quickbooks.intuit.com/find-an-accountant/.
  2. In the Find an expert in section, choose what you're looking for, and then use your search field to enter a City or ZIP code.
  3. You'll see a list on the results page. You can click on each ProAdvisor's profile to learn more info about them, so you can choose that works best for your business. Proad1.JPG
  4. Once you've found one, select the Send a message form at the right part of the page, to contact them.
  5. Enter the appropriate info in the Your nameYour mail, and Your phone number (optional) fields.
  6. Hit the Send message button.

proad4.JPG

 

Should you need help with anything else, please let me know by leaving a comment below. I'd be around to help. Thanks and have a great day.

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