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My client is an Artist Promoter , he promotes five Singers. What would be the proper way to set up the chart of accounts for the Income received for the performance and the Talent or performance compensation to the Artists? Also, contractors are hired for services such as photography, video recording and bodyguards. How should I record these expenses?
Solved! Go to Solution.
Hello, ad23151.
I'll help you set up the chart of accounts and keep a record of income and expenses.
You can set up income and expenses account for each of the five singers or artists. Then, create a service item for their talents. I'll show you the step-by-step procedure.
Step 1: Create an income account:
Step 2: Create an expense account:
Step 3: Create a service item for their talents:
Step 4: Record income receives for each of the artists:
Step 5: Record expenses from the service provided by the contractor:
If you're unsure which account or detail type to use, I recommend reaching out to your account to ensure your books are accurate.
I'll share the following articles below for more insights in recording transactions in QuickBooks Online:
In addition, I've included this resource to find out which reports are available for your QuickBooks Online version: Reports included in your QuickBooks Online subscription
Don't hesitate to add any details if you have further questions or concerns managing the chart of accounts or recording transactions. We're always here to help you.
Hello, ad23151.
I'll help you set up the chart of accounts and keep a record of income and expenses.
You can set up income and expenses account for each of the five singers or artists. Then, create a service item for their talents. I'll show you the step-by-step procedure.
Step 1: Create an income account:
Step 2: Create an expense account:
Step 3: Create a service item for their talents:
Step 4: Record income receives for each of the artists:
Step 5: Record expenses from the service provided by the contractor:
If you're unsure which account or detail type to use, I recommend reaching out to your account to ensure your books are accurate.
I'll share the following articles below for more insights in recording transactions in QuickBooks Online:
In addition, I've included this resource to find out which reports are available for your QuickBooks Online version: Reports included in your QuickBooks Online subscription
Don't hesitate to add any details if you have further questions or concerns managing the chart of accounts or recording transactions. We're always here to help you.
Giovann,
Are you available to help me setup QB for use at a talent agency? How do I contact you?
Thanks
Hello, Walter.
While there isn't a direct way to contact Giovann, you can provide additional information in this thread, and I'll be glad to assist you in setting up your QuickBooks Online account.
Here are some video tutorials that can help you achieve most tasks in QuickBooks Online: Video tutorials for QuickBooks Online.
I'm always here if you need more help setting up your account. Let me know by leaving a reply below. Keep safe, and have a wonderful day!
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