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SergioN1
July 24, 2021
Question

Royalty payment

  • July 24, 2021
  • 8 replies
  • 0 views

I have QB Enterprise. I have to pay royalties to the authors every 6 months. How can I do?

8 replies

JonpriL
July 24, 2021

Hello @SergioN1,

 

In QuickBooks Desktop, you can create a new expense account as use it as the line item when creating the royalty payment. Let me walk you through the steps on how you can accomplish this.

 

  1. Go to Lists.
  2. Select Chart of Accounts
  3. Under Account, select New.
  4. Choose Expense.
  5. Enter the name of your new account. Say Royalty Expense.
  6. Click Save & Close.

 

From here, you can go ahead and write a check with the line item using your newly created account. You can also memorize the check since you'll be processing the same payment for the next 6 months.

 

To do so, here's an article you can read to learn more about how you can write and memorize a check: Create, Modify, and Print Checks in QuickBooks Desktop.

 

Additionally, I've also included this reference helpful in understanding how stable is your business's financial status: Create and Manage Reports in QuickBooks Desktop.

 

You can always leave a comment below if you have follow-up questions with this or start a new thread if you have any other concerns. I'll be here to lend a hand. Stay safe!

    SergioN1Author
    July 26, 2021

    I need to assign a percentage to each product according to the royalty of the author. And that didn't work. I have QB Enterprise.

    GlinetteC
    July 26, 2021

    It's nice to have you back, SergioN1. 

     

    I'm here with all the information you could ever need on assigning a percentage on a product in QuickBooks Desktop. I'll walk you through how:

     

    1. Go to the Lists menu and select Item List.
    2. Look for the inventory item and double-click it.
    3. Click on the Edit Markup tab.
    4. Enter the desired percentage in the Markup Percent field.
    5. Click OK. Then, OK.

    I've attached screenshots for your visual guide:

     

    The instructions are sure to help you assign a percentage on the product in no time!

     

    I'd also recommend consulting your accountant to ensure your financial data will be accurate.

     

    Also, I'm adding an article that lets QuickBooks change the prices of items on sales forms according to rules you create automatically.

     

    You can tag me if you have any additional questions about the process. I'll be sure to get back to you.

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