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Ckwanng
August 18, 2023
Question

Recording revenue after repayment plan

  • August 18, 2023
  • 1 reply
  • 0 views

Hi there!

 

I run a franchise business with royalities and IT subscription being taken before I receive my revenue payment. E.g. Revenue: £1,000

Royalties: £200

IT: £100

 

Payment to me: £700 

 

I"m not sure how I would record Royalties and IT to make the book balance because my physical transaction was only £700. Any help would be great

 

Thank you!

1 reply

A
Ashleigh1
August 18, 2023

 Hello Ckwanng, thanks for posting on the Community page,  so royalties would typically be an Expense. So you could simply set up something like 'abc royalties' and that is where you would apply the payments when you make them to show the expense. However we are not trained or qualified accountants, so you may wish to consult with them on the best and correct way to record your royalties and IT in your account.

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