quickbooks/zenfolio question

[lilpamely]

So I'm new to Quickbooks and I'm having trouble understanding how to set it up with my zenfolio account. Let me explain, At the end of the year, Zenfolio sends me a tax form telling me how much taxes I paid and how much money I made on my online orders. I can make zenfolio a vendor and I can create invoices (I want to know how much each client spend and what items they purchased) but what is going to happend at the end of the year. Zenfolio collects taxes on online orders, I guess I'm just confuse, I don't want to have items show up twice at the end of the year.

I was thinking about creating zenfolio as a "Bank" because they handle my money until I withdraw it and as a "Vendor". That way I know how much fees I pay. Sorry If I don't make sense.

[bondarnes]

If you are already entering each client order, then that would show up on the income side of the ledger. Then the Zenfolio statement would be entered under expenses. Break it down to COGS including all fees and sales tax.

[WarrenG]

Zenfolio is collecting the sales tax on the orders, but they should be paying you the amount collected for the product, sales tax, and shipping. What they in turn pay you should be everything less the actual shipping fees and their commission. You should have Zenfolio set up as a vendor in quickbooks so that when an order is placed, you have your receivables (the amount they are paying you), and then enter their "fees" as your Cost of Goods (as Don mentioned). You will want to get all the orders more often than yearly though. You can use the year end balance as a comparison with your balance sheet or P&L statement to verify the amounts are accurate.