> COGS for items that have shipped based on the prepayment? Thanks.Įach month, or more frequently, get the monthly statement for the wallet and perform a bank reconciliation for the Wallet. You have Transfers from your business to and from the wallet. How do I properly enter this refund check into QuickBooks Pro 2004 It's not really income, is it I spent the money and got a refund. You treat it like any other bank account. I've received a refund check from a vendor. Assuming you are vigilant with your accounting, however, you probably have the amount paid already recorded in Quickbooks. In most cases such as this, they will simply refund your money. Let’s say you paid for a product or service but the vendor failed to deliver. > within Quickbooks, how should I account for an ongoing balance that I have with Printful Vendor refunds are found to happen at some point in time. Printful Wallet is your merchant account - in Quickbooks, you use bank account types for your merchant accounts, so in your Quickbooks Chart of Accounts, you make a new bank account and name it something like Printful Wallet for easy remembering. Remembering this will make QB much easier to understand Printful is your Vendor - in Quickbooks, the rule of thumb is anyone who you pay money to is a Vendor and, likewise, anyone who you receive money from is a Customer.

5 hours ago If selected as a 1099 vendor in QuickBooks, the. That said, I can answer a couple questions and give you some pointers. Eventually, you will make it down to the Business ID No. I estimate a fair setup cost would be $500 - $1,000 initially and then $150 - $350 per month ongoing until you're able to take over the monthly duties. A ProAdvisor can configure your Chart of Accounts, your products and items, and consult with you about sales tax, business licenses, and other requirements you might face. Before answering your questions, I want to say that due to the sophisticated nature of your business interacting with a website and a 3rd party Vendor with a wallet, I strongly encourage you hire a Quickbooks ProAdvisor in your area to meet with you and go over your accounting requirements.

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