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Commission Account for franchise type set up

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Hi,

I've lost my MYOB for Dummies book!

I am setting up MYOB for my new business (sole trader) which is similar to a franchise (licensing rights). A couple of questions -

 

1. I borrowed money from family to buy the licensing rights, how/where do I enter this?  A loan account ie. from me to business?  Do I record it somehow to Licensee?  And how would I record loan repayments back to family member?  I'm completely confused.

 

2. I have to pay the Licensee 5% commission on every sale.  What would be the best/easiest way to record this?  I have to pay commission quarterly.

 

Thanks in advance.

Angie

 

NB. Curious - Is there a NZ version of MYOB? 

 


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