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How do I receive royalty payments as an author in Quickbooks?

I'm an author and receive monthly royalty payments from several different companies (Amazon, Apple iBooks, Barnes and Noble, Lightning Source, etc.). I also receive affiliate payments from Amazon Associates from time to time. What is the step-by-step instructions on how to enter this into QB?

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Best answer 12-10-2018

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Established Community Backer ***

"create a service item named for the royalty payment and...

"create a service item named for the royalty payment and link it with an income account"

By using an Item Named for the Book or royalty source, and using Qty, your reporting will help you see this activity. Sales by Item or Sales by Customer, for instance, because you have data with qty and "price" for each book and from each Sales Channel.


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Established Community Backer ***

"create a service item named for the royalty payment and...

"create a service item named for the royalty payment and link it with an income account"

By using an Item Named for the Book or royalty source, and using Qty, your reporting will help you see this activity. Sales by Item or Sales by Customer, for instance, because you have data with qty and "price" for each book and from each Sales Channel.


Not applicable

Thank you!

Thank you!
Senior Contributor *

How do I find this in the UI? Can I link a certain royalt...

How do I find this in the UI? Can I link a certain royalty income from my bank statement as a "sale"?
Established Community Backer ***

If you intend to rely on Banking as if that is the sale,...

If you intend to rely on Banking as if that is the sale, this means you are not really using the Sales functions in QB and simply "doing some banking."
Highlighted
Senior Contributor *

I have different sources that I'd like to be automaticall...

I have different sources that I'd like to be automatically marked as sales and make use of it with other reports/graphs. My bank cannot do this. If yours can, do tell.
Established Community Backer ***

Do you mean "them" instead of "it"?

Do you mean "them" instead of "it"?
Established Community Backer ***

"I have different sources" Customer Names, used on Sales...

"I have different sources"

Customer Names, used on Sales transactions. Then, for instance, make a Service Item for each Book or Song or Oil Well that results in why you are getting Royalties.

"that I'd like to be automatically marked as sales"

You list the Reason (the service) someone is paying you, on a Sales Receipt or invoice, using the Customer name = who is paying me, for which date, and why, and how much, and did I need to track they Owe me (invoice) or simply track the Payment arrived (sales receipt).

"and make use of it with other reports/graphs."

You don't use the Deposit as if that is the Sale. That is the Banking = the end result, or settlement from the sale. You use Sales functions, if you want Sales reporting and tools to give you Sales information.

"My bank cannot do this. If yours can, do tell."

My bank supports QB as "web connect" = I have to Download and save the file. Then, I read it into QB and use the Banking Feeds to match to my open invoices. Invoices = the date of sale, this was not yet paid. The Sales is end of month. I take 41 ACH payments on the 10th of the next month.
Established Community Backer ***

Create each as a customer create a service item named for...

Create each as a customer

create a service item named for the royalty payment and link it with an income account

use that item on a sales receipt when you receive a payment from that customer, deposit to the bank

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Thank you!

Thank you!
Established Community Backer ***

You're Welcome

You're Welcome
Experienced Member

Re: Do you mean "them" instead of "it"?


@Malcolm Ziman wrote:
Do you mean "them" instead of "it"?

Them is the book publisher who promised per se @$4 to print and distribute each book you sell.

 

Bit if they will not give your account details, you are a slave to the program.

 

In outher words if they suddenly break the contract, and charge you $11.90 per book to print.

They books worth $14.99.

 

And its $2.99 to ship.

 

You will be robbed blindly by the publisher , even if you sell thousands of books every day.

 

Like me...

 

You will not be handed your royalties.

They basicly own the publishimg proceeds.

Since they have the account.

 

Go to the publishers printing department.

They charge $1.00 to print and ship each book.

The publisher can charge whatever they want.

And steal your story line.

 

If you use the direct printer.

You buy your sales package premium for $50 $30 for legal,$10 for basic publisher formatting.

 

But a vendor can charge $700 for a basic package.

I was totally gypted of my entire royalties.

 

I sold 100s of thousands of books.

World wide.

 

But every time i called to collect quarterly earnings.

They removed it off my site.

And claimed i was not selling any books.

 

Thats the truth ,i even took pictures, of the earnings.

 

Dawn morphew is a great deal.

Shes only charging $3 per book.

 

But i know her with a private company.

Clubhouse membership.

 

The site is called www.thebookpatch.com

Their not in it for the money.

But you do probably need a membership.

 

 

Experienced Member

Be careful of fishing scams.



@Malcolm Ziman wrote:
Do you mean "them" instead of "it"?

@Malcolm Ziman wrote:
Do you mean "them" instead of "it"?
@Malcolm Ziman wrote:
Do you mean "them" instead of "it"?

Them is the book publisher who promised per se @$4 to print and distribute each book you sell.

 

Bit if they will not give your account details, you are a slave to the program.

 

In outher words if they suddenly break the contract, and charge you $11.90 per book to print.

They books worth $14.99.

 

And its $2.99 to ship.

 

You will be robbed blindly by the publisher , even if you sell thousands of books every day.

 

Like me...

 

You will not be handed your royalties.

They basicly own the publishimg proceeds.

Since they have the account.

 

Go to the publishers printing department.

They charge $1.00 to print and ship each book.

The publisher can charge whatever they want.

And steal your story line.

 

If you use the direct printer.

You buy your sales package premium for $50 $30 for legal,$10 for basic publisher formatting.

 

But a vendor can charge $700 for a basic package.

I was totally gypted of my entire royalties.

 

I sold 100s of thousands of books.

World wide.

 

But every time i called to collect quarterly earnings.

They removed it off my site.

And claimed i was not selling any books.

 

Thats the truth ,i even took pictures, of the earnings.

 

Dawn morphew is a great deal.

Shes only charging $3 per book.

 

But i know her with a private company.

Clubhouse membership.

 

The site is called www.thebookpatch.com

Their not in it for the money.

But you do probably need a membership.