Hello,
I am a videographer. I shoot short films, music videos, photography etc. My client submits payment to me for my service. Additionally, client's will pay me money for their production needs; such as their venue, cast, stylist, makeup, models, etc and I use that money to book those items. For these production expenses the client pays how do I record this in QBO? Is it considered income? When I purchase the production necessity, do I categorize it as an expense in QBO? Please advise. Example below.
Project: Bob's Music Video
Service: $5,000 paid by Bob
Production: Bob requests to have 3 models and 2 venues for his music video and will pay whatever the cost is. After I have scouted and found the production needs necessary the total is $1,585. Bob submits this payment.
How do I categorize it on QBO when the transactions appears in banking?
Thanks in advance!
