Quick Books

[HTV]

Good Morning,

Very new with the Vending Machine business. I signed up to use Quick Books Online to keep track of everything.

I have a few questions about this:

1. I did my first collection. I posted a "Sales Receipt" under customers. The customer is the shop owner. I was told that I should just be doing a "RECEIVE PAYMENT" instead of a "SALES RECEIPT". Any thoughts?

2. A certain percentage of the coin drop goes to the owner of the machine. So this is sort of a LEASE for us. They sent me an invoice. I posted under "VENDORS" and "ENTER BILL". For the account type, should it be "COMMISSION & FEES"? How about "RENT or LEASE"? I was thinking that made more sense, but then again it might mean "RENT or LEASE" building and not machine.

Any help is much appreciated.


Regards,
HTV

[Snackmore]

Sorry mate no idea, I use a very basic excel spreadsheet which my accountant seems happy with, they tried to get me to buy a similar set up for £300 but it would have been no cheaper in accountancy fees so why bother!

[dorsetvending]

Sorry mate no idea, I use a very basic excel spreadsheet which my accountant seems happy with, they tried to get me to buy a similar set up for £300 but it would have been no cheaper in accountancy fees so why bother!

100% agree

[Coin Operated Group]

Hi,

Cant help with quick books either, but I do know that your payments to site are marked as commissions and not lease payments, when commissions are paid you should in theory be getting an invoice or receipt from site.