This was asked by a member:
What is the best way to add invoices for futures into QB? I have futures set up in the chart of accounts and the items list. When I add futures to my deposits, I select the Futures account in the COA, is this right? I am not sure where the item comes in, can you clarify?
What is the best way to add the invoices from the futures sales in Square to QB? Everyone is already in excel and Square. Can I do an invoice for each month, then reconcile with the deposits (when I learn the best way to record them – set up for summary method)?
Here is the lesson about Futures in the Using QuickBooks in the Wine Industry (Seminar version) course
The key thing is that the item for the Future is different from what the item will be when it is bottled.
Just as with any sale, you create an invoice or sales receipt using the item. The item takes care of the accounting, and you handle the invoice payment or sales receipt payment as usual.
Go to this Quickie to see how sales in Square are handled
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