Question

How to setup a vending business with revenue sharing

Forum|Forum|1 year ago
July 9, 2024
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We are trying to setup our vending business in quickbooks and want to make sure we set things up correctly from the start.

We have no products, these are bar machines like pool tables, juke boxes, etc... We currently do revenue sharing where we split 50/50. I am thinking that we should set up our machines as the customers and the customers as the vendor? but not sure if this actually the best way or correct way for that matter.

QuickBooks Desktop

L

LouiseG12

I'll guide you how to set up your vending machine with revenue sharing in QuickBooks Desktop (QBDT), @Amusing Amusements.

First off, you'll need to set up the bar machines, such as pool tables and jukeboxes, as non-inventory items. This will allow you to add them when creating sales transactions.

Here's how you can set them up:

Navigate to the Lists menu, then select Item List.
Click the Item below and choose New.
Under Type, select Non-inventory part.
Fill out the required details.
Click OK.

Next, you can create a class item to share the revenue. This class item will represent your partner or with whom you share the revenue.

For example, you can designate Class A as yourself and Class B as the party with whom you're sharing the revenue.

Then, when you create a sales transaction to record your revenue, you'll have to add the non-inventory item and add the class per line item.

Finally, you can generate a quick report to review revenue sharing. You can follow the steps below.

Go to the Accountant menu, then select Chart of Accounts.
Look for the account name and then click Search.
Select the account name, click the Report below. After that, choose Quick Report.
Hover to Customize Report.
In the Columns field of the Display section. Search for Class and check it. Lastly, click OK.