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yadayadauk
Level 1

Split Transactions - HELP!

Hi there,

 

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. 

 

i.e. 

 

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. 

 

Hopefully, this makes some sort of sense. 

 

Thanks in advance!

 

YY

Solved
Best answer November 15, 2021

Accepted Solutions
Kevin_C
QuickBooks Team

Split Transactions - HELP!

Welcome to the Community, @yadayadauk. Let me help you in splitting transactions in QuickBooks Self-Employed (QBSE).

 

To split a transaction, record each of them separately. In your situation, you can record the first £250 as an income, and the other half as an expense. 

 

If you're unsure of the categories to use, I suggest consulting an accountant. They can advise you with the steps to take, and also keep your books accurate.

 

You can also check these articles for future references:

 

We're always open here, so don't hesitate to tap us if you have further questions regarding this matter. As always, assistance is just one comment away. Have a great day!

View solution in original post

1 REPLY 1
Kevin_C
QuickBooks Team

Split Transactions - HELP!

Welcome to the Community, @yadayadauk. Let me help you in splitting transactions in QuickBooks Self-Employed (QBSE).

 

To split a transaction, record each of them separately. In your situation, you can record the first £250 as an income, and the other half as an expense. 

 

If you're unsure of the categories to use, I suggest consulting an accountant. They can advise you with the steps to take, and also keep your books accurate.

 

You can also check these articles for future references:

 

We're always open here, so don't hesitate to tap us if you have further questions regarding this matter. As always, assistance is just one comment away. Have a great day!

View solution in original post

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