Ok Iove the program and slowly getting my head around the accounting terminology and processes.
I’m after some suggestions on how to process commission on sales (I think that’s the way it will seem).
Basically small business operating at weekly markets. We sell our own products as well as on behalf of a few others.
Our own products portion of daily takings can enter into our sales-market income account fine. But other products we either pass on the whole takings or take a commission of those sales, say 20%.
On say a monthly basis we pay out these people/suppliers for the income they have gathered from sale of their products.
What would be the easiest way to track these product sales (as bulk $, not using inventory at all) and can manager automatically calculate the commission received, etc and place it in some type of holding account?
Initially I though about adding the people who provide the handmade products as suppliers then create a purchase invoice for the amount owing and pay it accordingly. The problem I found was how to record the amount in a method for each ‘supplier’ without creating a sales-income account separately for each supplier. On the can on hand receive money page from memory you can only select income or expense accounts. Should I create a general account for income-sales of external suppliers? Or is there a better way to handle this?
So two questions, how to track and pay for items sold and is it possible to automatically calculate and track commission from those sales. I suppose part b is determined by how I handle part a
I’m trying to keep the question as general as possible so the concept can be applied to others looking for answers in the future, rather than nail it right down to my individual case.
Thanks for your time