Account type for consignment type sales
DaisyDoo
Member ✭✭
So, I sell in an antique mall where I pay a monthly rent and for everything I sell, 10% is deducted for their commission. Up until now it has been simple. I simply created a deposit with the appropriate category / tag for the sales (minus commission) and then had a charge to my credit account when I paid rent.
They have now switched to an alternate system (based on Crystal Reports of all things antique) where now, at the end of the month, they provide a statement where they show gross sales, commission and rent due and then make the adjustment where they either owe me the remaining sales minus rent & comm or I owe them rent & comm minus sales, depending on which amount is greater.
I'm trying to figure out what type of account to set up to account for the variables. Obviously I would hope that sales always outpaces rent but it is not always the case and sometimes I owe at the end of the month. (It's more of a side gig so I'm not trying to get rich with it).
If I set up an A/R account, I would create an invoice for the sales minus comm and then when I paid rent, show payment of that invoice with the rent deducted. But if I owe, it doesn't work seamlessly.
Same if I set up an A/P account, works good if I owe but not it I get paid.
Is there a way to set up a single universal account that allows for both Payables & Receivables ?? Since they combine the transactions into a single statement, I need to be able to do the same.
They have now switched to an alternate system (based on Crystal Reports of all things antique) where now, at the end of the month, they provide a statement where they show gross sales, commission and rent due and then make the adjustment where they either owe me the remaining sales minus rent & comm or I owe them rent & comm minus sales, depending on which amount is greater.
I'm trying to figure out what type of account to set up to account for the variables. Obviously I would hope that sales always outpaces rent but it is not always the case and sometimes I owe at the end of the month. (It's more of a side gig so I'm not trying to get rich with it).
If I set up an A/R account, I would create an invoice for the sales minus comm and then when I paid rent, show payment of that invoice with the rent deducted. But if I owe, it doesn't work seamlessly.
Same if I set up an A/P account, works good if I owe but not it I get paid.
Is there a way to set up a single universal account that allows for both Payables & Receivables ?? Since they combine the transactions into a single statement, I need to be able to do the same.
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