We own a horse racing company and our clients pay us to train and race their horses.
After a horse wins a race, we receive the winnings and distribute to the owners.There's multiples steps that happen ans not sure how to record/
We receive money and deposit in our bank from the Racing Association- how does this get recorded
At the end of the month, if an owner wins races we deduct the amount they won from what they owe us for training horses on the invoice. How do I record the credit (which is there money) on the invoice? (I'm assuming its not discount value)
We then pay out the remaining balance to the owner by check- what category does this fall under?
