How do I deal with brokerage deals in Unit Sales?
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Summary
The following article explains how you deal with a brokerage deal in unit sales.
More Information
A brokerage deal is where you are selling a unit on behalf of a third party. When you sell the unit, you will generally take a commission on the deal. The unit itself may require some work to be done in your workshop before hand, with the third party funding this repair, and this article explains how to deal with this scenario.
- Create the stock record for the unit being sold under brokerage and ensure that, on the purchase tab, you select the value excluded flag to yes.
- Once you know how much you will be selling the unit for, on the purchase tab, enter in the amount you are going to invoice the supplier.
- Press <F2> to raise the purchase invoice.
- In the payment field enter how much you intend to pay the supplier less your commission and cost of the workshop job. This leaves a balance outstanding on he purchase invoice of your commission and the value of the workshop job on the sales ledger.
- Go into purchase ledger payments, enter in the suppliers account and pay off the the value of the workshop job to a brokerage contra account, if this centre doesn't exist then follow this article which explains how to do so.
- Go back into purchase ledger payments, enter the suppliers account code and pay the value of commission of to centre Z944.
- Next, post a negative expense against the unit record for the same figure.
- Finally, go into the workshop job for the customer, invoice it off, and pay the balance off to the brokerage contra account.
- Now sell the unit in the usual manner, ensuring that on the purchase tab of the unit, the value excluded flag is now set to no.
See Also
- Creating a used unit
- How do I create a nominal code?
- Selling a unit
- How do I post expenses against a unit?
