At the beginning of last year my partner and I started a Film & TV Distribution company after working in the business for 15+ years. We have kept our accounting and invoicing in Excel. But we're growing and needs have changed so I'm looking at QBO to move into.
Our business consists of representing film/tv producers and their content, we license/sell out their content to media companies and take a percentage from the total sale of each contract. Say we sell a film for $10.000, we get paid $10.000. The payments we receive go into our business account. Each quarter we calculate our percentage of each property we sold, take out 25%, pay out the rest to the producer. We have them invoice us after the calculation. How would this process work in QBO?
Within QBO we would need some kind of holding account where we move the payments we receive before taking our cut and moving it into our gross income account.
Other info: We have no staff, no payroll, and only send out invoices. Payments we receive go directly to our bank account or via checks.