Thanks so much, @DavidD66
This (the way you're describing) is the way I've done it in the past, but I have been told multiple times that this is not standard practice for industries (like talent agencies or art galleries) who receive and pass-through monies as a service for others (in a similar function to escrow). I have been told that it is improper to be recording the monies from venues as income and artist's payments as expenses when none of that money was ours to begin with (we were merely acting as the conduit, and the artists hire us to work for them, not the other way around). Any additional thoughts with this additional info, or you still feel like we should be reporting all venue payments at the top of our tax returns as if it were our revenue?
