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Accounting & Bookkeeping & Small Business Forum
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Guest
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| Posted: Sun Aug 08, 2004 11:38 am Post subject: Bookkeeping & Taxes for an Auctioneer |
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| How do you treat the income & expense from sales of merchandise of consignors for bookkeeping and on the tax return? Bookkeeping: show the total sales and create an expense account for the consignors? Taxes: show the total income and the expense for paying the consignors as a misc deduction or just show the commission as income? |
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Guest
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| Posted: Mon Aug 16, 2004 7:43 am Post subject: RE: Bookkeeping & Taxes for an Auctioneer |
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Accounting for auctioneering services depends upon to whom the buyer's of the products pay for their purchase:
If they buyer's pay the auctioneer, then all revenues should be recorded as sales, and the payments out should be recorded as COGS.
If the buyer's pay directly to the seller, and the auctioneer is simply being paid an hourly fee or a commission, then the check from the seller to the auctioneer should be recorded as "Fee's Earned".
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