I do invoicing for a client. He has written a book and the Literary agent sends his invoice for his commission and then pays the NET advance monies to my client (in this case £2550). I know to key into software (eg Sage) that for the Net advance monies I need to log a 'PI' but should I be raising a physical paper invoice for this net too? (including our the VAT)
An extract of the Literary Agency's invoice:-
Net amount received from publisher
2500.00
Vat at 20%
500.00
Total amount received from Pubisher
3000.00
Less agency commission due at 15%
375.00
Vat at 20%
75.00
Total agency commission
-450.00
Total sum to be paid to writer of book
2550.00
Thanks all as usual!
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
