I forgot to mention, you can skip that last bill from the neighbor if
you prefer and just enter a manual transaction paying them like so:
Cr. Bank/Cash/etc.
Dr. Sales-Payable
Regards,
Adrien
On 1/14/21 9:48 AM, Adrien Monteleone wrote:
The usual "I am not an accountant and this is not accounting advice"
applies here. The following is simply how *I* would approach this:
Some questions would need to be answered first.
Are you taking possession of the goods from your neighbor, or is this
just a consignment type operation? (meaning, do you have any financial
or legal interest in the goods, can you walk away with them, or can they
take them back with no issue?) I understand this might be quite an
informal arrangement, but unless you are buying the goods from the
neighbor, I wouldn't think there is an occasion for entering a bill for
them.
I would think a holding/suspense liability account for the funds
collected on behalf of the neighbor would work, named something like
'Sales-Payable'. (similar concept to sales tax collection) The full
amount collected from the end customer drops here first from their
invoice. (posted against AR, which itself is reduced as the end customer
pays you.)
Result: Dr. AR, Cr. Liabilities:Sales-Payable
Note, if transactions take place on the spot, and they don't need some
other 'invoice' than their credit card receipt, you can do this with
manual transactions and avoid the Business Features and AR. The Autofill
& Duplicate Transaction function can help cut down on data entry.
Do a manual transaction periodically or each time, reducing the holding
account balanced against an income account. (Dr. Sales-Payable, Cr.
Income:Commission)
If you didn't issue invoices in the first place, but used manual
transactions, you can use a single transaction for this at each sale,
but you'll have to employ some math. (GnuCash can do math in the amount
fields)
Dr. Bank/Cash/etc. (however you immediately received funds)
Cr. Income:Commission (entered as the sale amount * commission %)
Cr. Sales-Payable (amount collected, minus the commission split, if you
enter splits in this order, this amount will already be filled in.)
Then periodically or as needed, issue a bill 'from' the neighbor (as a
vendor) for the amount you collected for them minus the commission,
which should be the balance of the Sales-Payable account. (Dr.
Sales-Payable, Cr. AP)
Then pay them the balance of funds. (Dr. AP, Cr. Bank/Cash, etc.)
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