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Subject Author Date
Reimbursement for Inventory Items Bill Bickner 10-26-2006
Posted by Bill Bickner on October 26, 2006, 10:04 am
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 QB 2002. Our club keeps a few inventoried items with the club logo. The
social chair sold several of these items for cash, and also personally
paid expenses for a social event. She then submitted an accounting of
the items sold and a bill for her expenses. I can't figure out how to
enter the check for the difference with the items sold entered as sales
of inventoried items and also deducted from the inventory. Any advice
would be greatly appreciated.

Bill Bickner


Posted by catrick on October 26, 2006, 11:14 am
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 1) Setup bank account called "Clearing Account".
2) Invoice a miscellaneous customer for the inventory items sold (this
adjusts your inventory count.
3) Use "Pay Bills" and using the "Clearing Account" as your bank
account record a payment on the invoice to clear it out.
4) "Write Cheque" payable to the social chair allocating the expenses
she paid for the social event minus the amount you recorded in
"Clearing Account" for the inventory sold.

Cat


Bill Bickner wrote:
> QB 2002. Our club keeps a few inventoried items with the club logo. The
> social chair sold several of these items for cash, and also personally
> paid expenses for a social event. She then submitted an accounting of
> the items sold and a bill for her expenses. I can't figure out how to
> enter the check for the difference with the items sold entered as sales
> of inventoried items and also deducted from the inventory. Any advice
> would be greatly appreciated.
>
> Bill Bickner


Posted by Bill Bickner on October 26, 2006, 11:36 am
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Sounds good. Thank you so much - I've spent a lot of time agonizing
over this.


Posted by Allan Martin on October 26, 2006, 11:41 am
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> Sounds good. Thank you so much - I've spent a lot of time agonizing
> over this.

What sounds good may not be in fact. In this situation is not the best
solution. Whats up with the added complexity of adding another bank account?
KISS is the word of the day.



>



Posted by Allan Martin on October 26, 2006, 11:53 am
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> 1) Setup bank account called "Clearing Account".
> 2) Invoice a miscellaneous customer for the inventory items sold (this
> adjusts your inventory count.
> 3) Use "Pay Bills" and using the "Clearing Account" as your bank
> account record a payment on the invoice to clear it out.
> 4) "Write Cheque" payable to the social chair allocating the expenses
> she paid for the social event minus the amount you recorded in
> "Clearing Account" for the inventory sold.
>
> Cat
>

The Allan Martin Black Belt Way:

1. Create a Sales Receipt for the item(s) sold to a Miscellaneous Customer.
Post the cash received to an exchange account or Due from Social Chair, or
what ever.
2. Write check to social chair for the expenses and enter a negative amount
coded to the account above for the cash received in step 1.



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