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12/03/11 3:28am PST
Viewed by asker 12/06/11 1:06am PST

Help with dissecting a Receipt

QuickBooks Australia

How do I dissect a receipt before I bank it. Ie $500 receipt that needs to be allocated - $400 (cost of product) and $100 trading margin?

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Rustler

Allstar

12/03/11 4:44am PST

In QB you sell an item which is usually an inventory item (product).

In QB you first buy the item and that establishes a unit average cost. when you sell it, QB will take that average cost and post it to the expense account you select on the item screen - usually COGS

then the sales price is booked to the income account you select on the item screen

on the P&L, COGS lowers income to get net income

If I've helped, mark it solved.

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MishkaB

New Member

12/03/11 2:53pm PST

Thank you for your reply. I have it set up as you have explained. If I want to send $50 of the trading margin to a third party, how do I have it show up on the same trasaction.

Eg, $400 (COGS - income side), $50 our commission, $50 to a referral group?

When I am the receipt stage where do I have an option to dissect paid amount to reflect the correct account codes, but still allow for the receipt to be allocated against a specific invoice no.?

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qbteachmt

Allstar, Accountant Community AllStar

12/03/11 3:03pm PST

I see you are in Australia, so I have moved your topic into the Australia forum, as your product and accounting needs are different than the US.

But in general, perhaps you are asking: "As I input payment from a customer, I need to split it to various accounts."

And in QB, you don't do this at the Receipt step. On the sales form to the customer, you entered what you are charging them for, using Item and/or Accounts.

The payment has nothing to do with this now. The Payment is against the customer receivable now. Accounts such as Income are posted to by the items on the Invoice (salse form).

And you don't show your costs such as Commission to others on the sales transaction to the customer. And you don't typically show your commission on the sales form. Your commission is the amount that is the difference between what somethign sold for and what costs you incur for the sale.

Income = $500

COGS (purchase expense) = $400

Cost paid to others = $50

Your Net Income = $50 as seen on reports

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MishkaB

New Member

12/03/11 4:12pm PST

Thank you for your reply.

I guess my question is this...

We pay our referral group on a $ per mt basis with how much our mutual customer buys. So if the Customer purchases 10mt @ $50 per mt = $500. The referral group are entitled to the 10 x $5mt How do I track that for each sale that we make and report their entitlements to them?

Currently I have the Sales Order/the Purchase Order and have received inventory with a bill. The customer is invoiced and receipted. But I'm not sure how to track and account for the referral groups commission/entitlements?

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qbteachmt

Allstar, Accountant Community AllStar

12/03/11 4:15pm PST