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dukealexmoore
Apr 30, 2020 1:27 AM UTC
Solved

What's the best way to record franchise transactions in QuickBooks?

The franchisor provides the franchisee with clients. 

 

The franchisee gets paid from the franchisor, in the franchisee's check includes the gross sales per client minus the franchisor's expenses such as royalties, sales tax, advertising, chargebacks, and others with a paper check.

 

The check is cashed in the franchisee's bank account and the franchisor sends a monthly revenue statement. 

 

What's the best way to record these transactions in Quickbooks? 

Rustler
RustlerAnswer
Jun 11, 2020 11:01 AM UTC

duplicate the statement

deposit the full amount, then reduce that amount by each expense as a negative number

 

I find this easier to do as a sales receipt with items listed for each type of expense, the qty for the expense is set to negative one, then the sales receipt will net to the amount deposited, then use make deposits to enter the deposit

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5 replies

Rustler
RustlerAnswer
Jun 11, 2020 11:01 AM UTC

duplicate the statement

deposit the full amount, then reduce that amount by each expense as a negative number

 

I find this easier to do as a sales receipt with items listed for each type of expense, the qty for the expense is set to negative one, then the sales receipt will net to the amount deposited, then use make deposits to enter the deposit

    dukealexmooreAuthor
    Jun 11, 2020 11:04 AM UTC

    Hi Rustler, 

     

    You always seem to have the answer and I appreciate you taking the extra time in your busy day to help others and myself. Thank you Rustler

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