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?
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.