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sharieb
October 1, 2021
Question

recording consignment sales in DESKTOP

  • October 1, 2021
  • 1 reply
  • 0 views

Good day,

 

I run a small gift shop in an art gallery at a 70/30 (artist receives 70%) commission rate and I am trying to find out how to record the sales and artist payouts. I can only find instruction for QBO which I tried to follow to the best of my abilities, but got stuck at the point where you have to set up Sales Items because I don't have "Product and Services" in my version of QB and I'm not sure what the equivalent screen is. Another site has some instructions but they are extremely confusing. 

 

Our previous bookkeeper used Sage and already had these accounts set up in our Chart of Accounts: Commissions - Gift Shop (Revenue), Gift Shop - Artists Portion (Revenue), and Gift Shop Artist Payout (Expense). We are able to control our inventory through Square and Wix so I don't want to go through all the trouble of creating inventory in another program; I just want to record the dollar amounts for sales of the items as shown in my Square reports.

1 reply

T
Trish_T
October 4, 2021

Hi sharieb.

 

Welcome to Community!  It's great to hear that you'd like to record the Artist's payouts in QuickBooks Desktop.  Based on the information you've provided, I'd suggest reaching out to your Accountant for advice on recording the sales items and which accounts would be best for the transactions.  If you don't have an Accountant you can get in touch with one on our website by following this link.

 

Your question will also be available for other Community members to share their expert advice on this. In the meantime, feel free to reach back out if you have additional questions.  We'd be happy to help!

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