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How to show shared project costs?


#1

My limited company has done a joint project with a charity, and we agreed to share 50% of the costs and profits. The payments for venue hire, etc., were paid from our bank account, so we have an invoice from the venue supplier in Quickfile, but then a payment from the charity for their share of the venue costs. These aren’t sales, so how should they be shown in our accounts?


#2

Hello @iainhallam

While I can’t advise on the accounting side of this, you could rebill the expenses to the sales invoice an contra these. This would reduce the expenditure without affecting your income.

Although I’ve not tested this, you could possibly enter a negative markup to calculate the 50% split.

There’s more on this feature here: Rebilling Expenses

Alternatively, if you’ve already invoiced them for this, you could use a journal to move the balance.