Registering referral payments


S

StuckInTime

We have a couple of vendors who have now started paying us for referrals. I
am not sure how to register that payment accurately into QB so we can track
it going forward. Any advise would be appreciated!

Thanks,

-TK
 
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T

Tee

StuckInTime said:
We have a couple of vendors who have now started paying us for referrals.
I am not sure how to register that payment accurately into QB so we can
track it going forward. Any advise would be appreciated!

Thanks,
Create an Income account for Referrals and an item by the same name. Point
the item's income account to the new Referral account and you'll be able to
keep them separate.
 
S

StuckInTime

I hate to sound dense on this, but I'm a better network technician than
accountant. What type of item would I create (other charge, payment, etc.)?

Thanks again.

-TK
 
T

Tee

StuckInTime said:
I hate to sound dense on this, but I'm a better network technician than
accountant. What type of item would I create (other charge, payment,
etc.)?

Thanks again.
I'd go with Service. You're not selling a product so its not Inventory.
Its not a "part" so Non-Inventory Part doesn't fit. You could use Other
Charge but I find Service to be a better option for issues like this
because, by some definition, you are providing a serivce (giving a
referral).

Payment is a deduction item setup to make it easy for people to enter
payments/deposits from customers directly onto invoices rather than always
using the receive payments window. You'd setup a payment item for Visa, MC,
Check, Cash, etc. Hope that helps some.
 
S

StuckInTime

Thanks for the help!

-TK

Tee said:
I'd go with Service. You're not selling a product so its not Inventory.
Its not a "part" so Non-Inventory Part doesn't fit. You could use Other
Charge but I find Service to be a better option for issues like this
because, by some definition, you are providing a serivce (giving a
referral).

Payment is a deduction item setup to make it easy for people to enter
payments/deposits from customers directly onto invoices rather than always
using the receive payments window. You'd setup a payment item for Visa,
MC, Check, Cash, etc. Hope that helps some.
 
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M

Mike Block - QuickBooks Tax Cut C.P.A.

We have a couple of vendors who have now started paying us for
referrals. I
am not sure how to register that payment accurately into QB so we can
track
it going forward. Any advise would be appreciated!

Thanks,

-TK

Create a New Item type: Service and assign the New Item with a new
income account say, Referral Income.

Mike Block, QuickBooks Tax Cut CPA
#1 QuickBooks Top Tester
Lowest QB Price, Free 462p QB book,
error codes, shortcuts, 120 Add-ons
http://blocktax.com/ 954-566-7540
 
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