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Posted by wilma2 on July 27, 2007, 2:11 am
Please log in for more thread options > wilma2 wrote:
>
>
> >>> Hi there this is a very confusing issue and I am grateful to anyone
> >>> that can help. I sell cell phone covers that are in the design of NHL
> >>> hockey teams. However the way I order these is something like
> >>> redemption vouchers. See I call up the company that makes these for me
> >>> and tell them I want say 50 vouchers. They in turn send me those
> >>> voucher #s at $11.99 each. But these are just #s. So I have 50#s at
> >>> 11.99 each. I then go to the company web site and redeem those
> >>> vouchers as stock requires so for example voucher #123 I use it to buy
> >>> a Philadelphia flyer cell phone cover. The actual cover costs me 0 but
> >>> when the customer goes to buy it they buy a Philadelphia Flyer cover
> >>> as an item # so they pay me $20 and out of inventory comes one
> >>> Philadelphia skin. But when i brought the item it was brought as a
> >>> voucher. With a cost to me of 11.99 Customer buys a Flyer skin at a
> >>> cost to him of 20. How do i account for this in quickbooks since the
> >>> cogs is associated with the voucher and the sales item is not? From a
> >>> quickbooks standpoint this seems to be a nightmare. thanks for any
> >>> help you can give me.
> >> Close your eyes and make believe the vouchers are caps. Sometimes the
> >> simplist solution is the answer. Now go out and sell them babies.
>
> >> - Hide quoted text -
>
> >> - Show quoted text -- Hide quoted text -
>
> >> - Show quoted text -
>
> > umm ok thanks that helps. Now can anyone explain to me how to put this
> > into inventory? How do i account for the sale? And still have a
> > voucher removed from inventory.
>
> The voucher and the product are equal in value and could be
> considered the same thing. When you buy the vouchers, call
> them vouchers/widgets or whatever. Click on Receive
> merchandise with Bill and enter the purchase of the voucher.
> The fact that it changes form to a physical item doesn't
> change the value or COGS. The voucher/product gets removed
> from inventory when you make the sale. If you are trying to
> track the number of actual vouchers vs how many have been
> converted, then it would require an additional step or two
> but I'm not sure that this is what you want to do. It still
> wouldn't change the COGS. However, I am not an accountant,
> only a store owner, so if you want an official answer, you'd
> have to consult an accountant. I think Allan, who is an
> accountant, pretty much said the same thing.
>
> Bob- Hide quoted text -
>
> - Show quoted text -
Hi Alan when you said caps I was confused but with Bobs help I
understand you meant skins now and i deeply apologize for a bit of
sarcasm in my reply. I could not figure out where caps came in. Please
accept my apologies. My question is then what happens if i dont redeem
them right away and the vouchers sit in inventory? So when i call my
supplier 50 vouchcers go into inventory at a cogs cost of 50x11.99.
Then the customer comes in and says "i would like a Boston Bruins one"
so i create a grab a voucher and redeem it for a Bruins skin and then
do a sales reciept for one Bruins skin. Adding another wrinkle if i
want to keep track of how many of each team is sold and give the
customer a receipt for the skin (that it says bruins skin not voucher)
so the Bruins skin item drops by one but the $ amount for that item
goes up by 19.99 and the voucher is untouched (no decrease in # in
inventory) does that make sense? Again thank you so much for your
help the both of you I appreciate it.
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