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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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dorafloodhome

New Member

02/07/12 12:31pm PST
Viewed by asker 02/17/12 11:19pm PST

Third party buyers

US QuickBooks Premier : 2012: Standard

We give each buyer $2500 to spend on new handmade items in the community. How do I track the $2500 to them AND each artist they buy from? Say, Jane Doe gets $2500 and goes out and buys a $2000 statue from A and a $500 purse from B. How would you put the statue and purse into inventory when we bought from Jane Doe but need to send 1099 to A a nd B?

Can Quickbooks handle advance funds?

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Rustler

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02/07/12 12:35pm PST

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The solution

You bought from A and B not from your buyers, they were acting for you as your agent

so log the purchase as an inventory purchase from A and B

One way to track advance funds, is to create a banking sub account in the buyer name, when you give them the 2500, transfer that amount from banking to the sub account

when you enter the purchase of the items from A and B use that sub account to record the purchase. If they spend all 2500 the balance will be zero until you do it again

If I've helped, mark it solved.

My QB tips Blog >> http://onsale-apparel.com/Rust...

When the majority, who cannot think for themselves, overwhelm the minority who can, you get ... convention.

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