Hi - Wondering if anyone has a workflow/chart of accounts that can be used to record auction sales and payouts
Buyers Invoices include Commission which is taxable - No Tax on Auction Item
Money for Auction Item to go into Clients Account
Money for Commission & Tax can go into business Account - this can be done with a journal entry if necessary
Payout to Sellers For Auction Item is Hammer Price less Commission plus Tax
This commission is also income to business and tax needs to be paid over to the Tax Authority
For reporting need to know balance in Clients Account, Income from Buyers and Sellers
Does anyone have a model chart of accounts or work flow process of how I can set this up in QBO
