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Quicken & Other Budget/Accounting Software/How To Record Broker Business Transactions

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Question
How to I record a transaction in Quickbooks for a "broker" transaction.  I am a business broker of goods.  Customers or end-users place orders with me to buy goods.  I then place and order with the manufacturer to buy the goods.  The manufacturer creates an invoice.  I notify my customer of the invoice and he sends me the payment to pay it.  The goods are shipped directly to the customer from the manufacturer.  How do I record the initial transaction in Quickbooks with the manufacturer when the invoice is created and the payment I receive from the customer to pay for it.  Thank you for your assistance.
Travis

Answer
Hi Travis,
If the invoice from the manufacturer is made out to you do the following:
The invoice from the manufacturer would be a "bill" for you (it is an item that you have to pay)
You would then invoice your customer to receive the payment. When you receive the payment from the customer you enter it in the customer center under receive payments.
You would then pay the manufacturer in the vendor center under pay bills.
Karin

Quicken & Other Budget/Accounting Software

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Karin Hostetler

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I am a certifed member of QuickBooks® Professional Advisor group and can answer questions on Quickbooks® Basic and Pro, all versions through 2011. I do onsite, telephone and online consulting through my website at: http://www.karinhconsulting.com Have a complicated issue that you can't put into one question? Consider a one time FREE 60 minute phone consultation. (724) 557-4652

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I have worked with Quickbooks® since version 1, and have had a tip published on the Intuit website. I work exclusively with small business owners in setting up Quickbooks®, giving on-going support to tweak the reports, resolving data issues and correcting problems. I offer monthly, quarterly and yearly tune-ups to prepare the clients data for presentation to their CPA at year end.

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I have a degree in Administration and Management with 20 years of hands on business experience in many fields

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