Hello,
This may or may not be related...I purchased a business late 2019. The previous owner will receive all income for trips that she planned this year. My trips start in January. However, income has started coming in for the year 2020, but it has to sit in the bank until the time comes to pay for tickets, meals, etc. How in the world do I show that I have received this amount of money (mostly to be paid to multiple venues), but it isn't income? I won't even know if income is made on a trip until all expenses have been paid. I keep a separate bank account and credit card for business only so the ins and outs are very easy to track. Any advice?
