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Author Topic: Splitting a Fee Between Band Members and a bank account  (Read 4884 times)

SoundOfTheCrowd

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Splitting a Fee Between Band Members and a bank account
« on: October 26, 2023, 11:31:32 am »
Hi

I’m hoping you can guide me towards the right approach to this.

We played a gig on Monday and earned £400.  Each of the four band members got £90, I gave £20 to someone who helped out, and we put £29 into our Kitty, which is a fund we build up to over any group expenses.

I can’t work out how to represent that within the software, and would appreciate some advice.  It seems as if I have to attribute £100 earnt to each band member, which isn’t accurate.

Thanks very much. 

Mick.

arlo

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Re: Splitting a Fee Between Band Members and a bank account
« Reply #1 on: October 26, 2023, 07:12:20 pm »
I assume the £29 is a typo that should be £20. Anyway, the proper way to document this is with three transactions:

1. An income transaction for £400, received by you and shared by everyone.
2. An expense transaction for £20 ("someone who helped out"), paid by you and shared by everyone.
3. A deposit transaction for £20 (band kitty), paid by you, deposited to your fund and shared by everyone. (This assumes you're using the Fund function to track your savings. If not, you could enter this as another expense.)

When those are entered, you can look at the Totals page and it will show that you owe £270 and everyone else is owed £90. You can then enter one distribution transaction for £270 and shared by those three people, or individual distribution transactions of £90 for each person.

 

anything