Associate Fees

Accounting
1

Hi, I have an associate who will be working with me on a 50/50 fee sharing contract. So whatever is earned by this person per day is split in half. I obviously still invoice the customers for the full amount but how do I input the 50/50 split in quickfile please
Thank you.
Drew

2

Hi @Drew2,

You may find using a project tag may be the easiest way. You can then tag all of the invoices with this tag. When you need to know how much is owed to you/your associate you can run a report for that project and split the balance 50/50?

This guide may help you with project tags: Projects in QuickFile

3

Hi Drew2,
Is your associate self-employed/has his/her own company, if so, you invoice your associate for 50% of the turnover, or your associate invoices you, and tag it to sub-contractor.
If your associate works as a partner then you may open a second drawing/directors loan account - one for you and one for the associate. 50% of the profit goes to each account.
As usual, I am not an accountant and you are always advised to ask one.

1 Like
4

Thats Great, yes she’s self employed so this method would be perfect.
Thank you.
Kind regards
Drew

5

Thanks Beth, I’ll have a look at that.
Kind regards
Drew

6

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