Does your business sell products on behalf of several companies and receives a commission for the sales? Then using estimates in QuickBooks could be useful to you.
Tracking Commissions Owed – Let’s say you sell products from Unique Clothes Company to your customers. In return for the sales, your company receives a 10% commission. Instead of relying on Unique Clothes Company to pay you the correct commission earned, you can track the commissions earned yourself. Then, when the commission check is received, you can compare it against what you expected to verify that you are receiving the correct amount.
In QuickBooks you would create an estimate for the sales. Then you would create an invoice for the percentage that your company is paid. In this example it would be an invoice for 10% of the estimate. After invoicing off the estimate, you would mark the estimate closed.
Negotiate With Provider Customer – At the end of the year, you can generate reports to see how much you sold on behalf of Unique Clothes Company. Using this information, you could show trends and possibly negotiate a higher commission rate from the company.
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