Hi, we are a music venue and sell tickets for promoters on our website .all the money are paid to our bank account and we pay everything back to the promoters after their gigs. How can I record the ticket money on QB without showing as our income?
Mag76, There are options in accounting>chart of accounts>current liabilities for the amount held in trust on behalf of others which could be an option, how do you want to show this on the balance sheet? We would suggest speaking to an accountant for some advice on how best record this, as yes in effect it is not income for the business.
I have the same issue as I own a event ticketing website, receive the money from ticket buyers and then send the payout to the event organisers excluding my service fee.
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