I'm a newbie to Quickbooks, so apologies in advance if this is a simple question!
I run a record label and account to artists for download royalties - these royalties are paid to be by a distributor in one lump sum per month. These are paid out 50% each artist, then 50% to myself.
A question, how do I split the lump transaction up? As the money that is due to artists is paid through to them directly, and I only keep what I am owed, and as such that is the only income that should be taxable.
The distributor pays £500. I owe an artist £250, and I earn £250. It's the latter £250 that I want to actually register as business income, with the other £250 (artist) off my balance sheet.
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