The hairstylist make 60% and the salon 40% of the total sale. What is the best way to keep track of this? and do I have to create a separate account to keep track of my portion for sales tax purposes since we are only earning 40% of the total sale?
Are you collecting sale tax on 100% of the sales? If so, then you are liable to pay the sales tax.
To track hairstylist income create a item and an income account "Hairstylist" and enter your sales using the same account. After entering the sales, view your Profit & Loss report for total sales.
Gita Faust
Advanced Certified QuickBooks ProAdvisor®
Enterprise Suite Certified | Point-of-Sale/Retail Solutions Certified
Member of Intuit Trainer/Writer Network
Author of "Accounting for Real Estate Agents" | "Manage Community Associations with QuickBooks" for Condo & HOA | "Manage Properties with QuickBooks" for property owners | "Manage Properties with QuickBooks" for property managers
www.FastTrackAccounting.com
What good does it do to be able to "view" the report for total sales? Do you mean so I can do it manually? what is the point on that? my questions was actually about how to track or split 60/40 percent in sales? Basically , Is there a way a transactions can be automatically split 60/40 where 60% of that transaction can be recorded into a liability account?
Your second question does not include sales tax. Why do not you create an item and link it to the liability account and post the 60% to the liability account.
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Gita Faust
Advanced Certified QuickBooks ProAdvisor®
Enterprise Suite Certified | Point-of-Sale/Retail Solutions Certified
Member of Intuit Trainer/Writer Network
Author of "Accounting for Real Estate Agents" | "Manage Community Associations with QuickBooks" for Condo & HOA | "Manage Properties with QuickBooks" for property owners | "Manage Properties with QuickBooks" for property managers
http://community.intuit.com/me...
