T Shirt Order on YNAB
I am an acrobatics instructor and I just spent about an hour trying to find the best way to log this into YNAB. The expenses are...
Pay designer on Fivr app: $46
Order 4 Demo Shirts from Printful: $73.52
Order 20 shirts form local screen printer: $150
I sell the shirts for 25 dollars each and I have collected $175 so far. I tried a few different things. I settled on making a tracking liability account for the debt of $269. In the budget I have a category for the shirt income. I have the names of each person who ordered a shirt and the amount of money they paid me. When I am done collecting money I will use the profit to pay off the liability account and the remaining money is my take home. If you were in my shoes how would you do this?
What do you do if you have make a 200 dollar order of shirts and the 200 dollars is not paid off until the t-shirts are sold? The problem I want to avoid is an over-budgeted account, mainly because YNAB does not like you to leave anything in the red. How do you record that the 200 is a debt that needs to be paid off?
We run a small business as well, and I use YNAB to do the books. I created a tracking account "incoming invoices", and one named "outgoing invoices", So in your case, you would put the $200 invoice from the tees in your 'incoming invoices' as an outflow. When you pay the supplier, you transfer money from your regular account to the "incoming invoices" tracking account.