Entry technique for royalty income...

I receive a direct deposit to my checking account for quarterly royalty payments. One half of this quarterly payment is sent to another family member. The direct deposit transaction equals the gross amount of personal income.The distribution of one half is a separate debit transaction. This balances my checking account without bother. When I BUDGET, the gross amount becomes the criteria for budgeted personal monthly income. This gross amount inflates personal income budgeting figures. I KNOW there is a transaction entry technique that will add only my personal income AFTER the distribution AND will not be an inflated figure based on the gross royalty income amount. Help. MJW

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    A simple way to manage the issue is to use the same income category for the direct deposit transaction as you're using for the debit transaction.  If the debit transaction is significantly delayed, the direct deposit may be entered as split transaction allocating the portion of the debit to a distinct category which is balanced by the subsequent debit.
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