How to track royalties due designers on product sales ??

We pay a royalty to various people on products that they participated in designing.

Each time we sell a product we need for the royalty to go to the designers account for 'pending royalties' for that designer

When we collect for the sale we need to move the royalty from the 'pending royalties' account to the 'royalties due' account for that designer.

How can we do this in QB basic ?

thanks for any help.

Reply to
tmb
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You can't in any version of QB. You may wish to investigate other software or have something custom written for your function. Otherwise get ready to spend a lot of time exporting reports to Excel and massaging them into what you need.

Reply to
Golden California Girls

Why can't we set them up as 1099 sales contractors on a commission?

Or will QB not do this either?

Or is there some accounting reason this is not a good idea?

tmb

Reply to
tmb

You are on the right track in thinking of royalties similar to commissions. Use the names of the designers like a sales rep, and then reference the corresponding designer each time you sell his product. Then the "Sales by Sales Rep Detail" report will give you all the sales for each designer for any period you choose.

But there is no way to track each designer's rate in Quickbooks. So you would then need to export your sales rep sales report to Excel, and then apply all the applicable rates.

That's why we developed Commission Calculator for Quickbooks. You set the rate for each rep (or designer in your case), and then the program calculates everything and produces a detailed report showing the sales and the amount of commission (or royalty in your case).

You can get a free trial version at

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Registration is only US$149. And if this does not meet all your needs, we can easily customize it for you for minimal additional cost.

Larry Stinson Stinson Solutions Inc.

Reply to
Larry Stinson

Larry,

You mean I can't setup different commisions percentages or amounts for each "sales person" in Quick Books?

You have to be kidding?

Please confirm if this is true.

thanks for your help - tmb

Reply to
tmb

This may not help you or you may have already gone this route. But, what I do for commisions is reports-income by customer detail....then modify the report to show the sales rep and either the dates you are paying your royalties for or the invoice # etc. Then I export it to excel and change things if need be and then calculate what I am paying out. It is free...but not the best. I am definetly finding that Qb is not the best program when running a small company that does commisions. Hope this helps....

Reply to
jasonandrobyn

Not kidding. QB has no way to track what commission is due to who and when. That has to be done 100% outside of QB. You can do it by exporting reports to Excel and making the changes you need. [I have to do this monthly and it is a total PITA!] You can buy add on software that reaches into the QB data file via the SDK and prints reports, if your commission structure is simple. If your commission structure is complex, you can hire a programmer [company] to write [adapt] one of the commission report add on programs to your specific set of requirements. Quickbooks by itself out of the box *CAN NOT* do commissions!

If you haven't bought Quickbooks yet, look at other financial accounting software, you will thank us later.

Confirmed. Quickbooks by itself out of the box *CAN NOT* do commissions!

Reply to
Golden California Girls

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