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  • duos & more -- how do you keep track of money?

    I'm putting together a spreadsheet to keep track of my duo's income and expenses. Any suggestions?
    Anything too stupid to be spoken is sung. Pierre de Beaumarchais

  • #2
    quickbooks...

    In Excel: Just set it up as a multi page ledger...one tab for income, one for expenses, one as a summary [fed by the other two]. Make notes on whether you were 1099'ed (I don't know if they do that in Canadia...but it happens here a lot) so you report the income quarterly if you are running as a business entity.
    I did this for years for the band since we pooled the tip money to cover the website, PA repairs, CD manufacturing, etc. Whatever was leftover at the end of the 4th quarter was 'distributed', and we started over.
    Now, as a solo, I don't sweat it as much. I can keep track of all of it on a single sheet ...and I'm not a business entity....and I get the 1099s by the beginning of February.
    Last edited by daddymack; 05-22-2014, 11:56 AM.
    "We are currently experiencing some technical difficulties due to reality fluctuations. The elves are working tirelessly to patch the correct version of reality. Activities here have been temporarily disabled since the fundamentals of mathematics, physics and reason may be incomprehensible during this indeterminate period of instability. Normal service will be restored once we are certain as to what 'normal' is."

    Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally used up and worn out, shouting '...man, what a ride!'
    "The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively" ~Bob Marley

    Comment


    • #3
      I bought a no frills version of Quicken a few years back. Although you have to watch the auto complete function, it's pretty handy. I did my own speadsheets for my bands years ago, and it was nice to have the flexibility but Quicken (or whatever it's called now) works for me.

      I do however use my own spreadsheet for my PA gear, return on investment because that's beyond the scope of my limited program.

      Of course for a really simple project, you could almost do it by hand, using a general ledger accounting book - if they still make them.

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      • #4
        I played in a duo once. We played gigs and split the pay 50/50. No accounting or book keeping. Paying taxes were up to each of us individually.

        Bands or duos don't form legal partnerships in my experience. Once a band starts making real money they should form a corp. or other business entity. But local bands around here aren't usually that serious.

        The only band I was in that was run as a business was owned by the leader. Everyone else was a non-employee side man that got a 1099 at the end of the year.

        For myself, I have a simple revenue spreadsheet that is divided in columns by each month. The rows are the venues I played for the year along with a Parties row for those private events. I calculate expenses only at the end of the year for tax purposes. Columns are divided by categories such as phone, internet, stage clothes, CDs, agent fees, equipment, office etc.
        BD

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        • #5
          Bob, you file as an individual, not as a business? I do the same now, if only for the simplicity (no quarterly filings...). I am not supporting myself via music as yet, so it isn't a big deal to me.
          "We are currently experiencing some technical difficulties due to reality fluctuations. The elves are working tirelessly to patch the correct version of reality. Activities here have been temporarily disabled since the fundamentals of mathematics, physics and reason may be incomprehensible during this indeterminate period of instability. Normal service will be restored once we are certain as to what 'normal' is."

          Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally used up and worn out, shouting '...man, what a ride!'
          "The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively" ~Bob Marley

          Comment


          • #6
            you guys get money? wut????
            my p0asting days are numb bird...

            Comment


            • #7
              Daddy, I've found that filing quarterly isn't necessary as long as the IRS is paid what is due to them by April 15. I used to file extension every year and pay a penalty for not paying an estimated amount before the April deadline.

              I don't actually have a business account as the business and myself are one in the same. This is more like self employment to me so I file under my SSN. I've had years where music was my sole income, but not many!
              BD

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              • #8
                ah, so no llc, incorp or fictitious business statement...much simpler, except for the liability issues.
                "We are currently experiencing some technical difficulties due to reality fluctuations. The elves are working tirelessly to patch the correct version of reality. Activities here have been temporarily disabled since the fundamentals of mathematics, physics and reason may be incomprehensible during this indeterminate period of instability. Normal service will be restored once we are certain as to what 'normal' is."

                Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally used up and worn out, shouting '...man, what a ride!'
                "The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively" ~Bob Marley

                Comment


                • #9
                  Originally posted by daddymack View Post
                  ah, so no llc, incorp or fictitious business statement...much simpler, except for the liability issues.
                  I know of very few musicians that have incorporated. Maybe only one, and he was in a somewhat famous Canadian rock band.

                  I looked into the whole company thing years ago, and found it was going to be too expensive, and too much work. I generally carry liability insurance, but most musicians I know don't even do that. I guess where it gets tricky, is when you have a day job, and you actually have have some worldly possessions that the courts could take away. Most muso's don't have to worry about that!

                  Comment


                  • #10
                    I collect all the money, put it in the bank, write a check for half to my duo mate (50/50), and send her a 1099 form at the end of the year as an independent contractor. We file taxes separately.

                    I know some people like to get "leader's pay" but I've been in everything from a duo to a 7 piece show group and we have always split the money evenly - with major band expenses taken off the top first. The only problem with that way is if the band splits up, who owns what? Or do you sell it all and split the take evenly.

                    Back to our duo:

                    She buys for her guitar and synth and I buy my own supplies, and we both deduct the legal amount from our taxes at the end of the year (my sisters are both CPAs so they let us know the legal way to do it, and we do it the right way).

                    Generally if the band needs something, I buy it and deduct it -- But if it is a major purchase, I'll deduct half the cost before paying my partner. This rarely happens as the PA has long been paid for. I probably get the worst end of the bargain, as if we need new speaker cables, the mixer needs servicing, or whatever, I buy them. I could take it off the top with no problem, but if it isn't a big deal, it isn't a big deal.

                    Although she is my wife, we started it this way before we were married, and we see no reason to change it. It's working and we never have a problem. If it isn't broken, there is no sense in fixing it

                    Notes
                    Bob "Notes" Norton
                    Owner, Norton Music http://www.nortonmusic.com
                    Style and Fake disks for Band-in-a-Box and add on styles for Microsoft SongSmith
                    The Sophisticats http://www.s-cats.com >^. .^< >^. .^<

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                    • #11
                      Notes, for over ten years for the band I was the 'accountant', and I ran it like anyother business, including issuing the 'partners' an annual report. I know what you mean, though, I never took an extra dime for doing all the bookkeeping...or the booking, logistics, phone calls, meetings, etc.
                      When our original drummer left to move to Atlanta, I dissolved the LLC, all legal-like and everyone got $. Now we are looking at re-incorporating if business picks up...but the last 6 years...meh...it was easier to just eat the 1099 taxes personally. You are lucky to have CPAs on tap...I'm lucky to have a lawyer on tap ...he's one of our regular sidemen
                      "We are currently experiencing some technical difficulties due to reality fluctuations. The elves are working tirelessly to patch the correct version of reality. Activities here have been temporarily disabled since the fundamentals of mathematics, physics and reason may be incomprehensible during this indeterminate period of instability. Normal service will be restored once we are certain as to what 'normal' is."

                      Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally used up and worn out, shouting '...man, what a ride!'
                      "The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively" ~Bob Marley

                      Comment


                      • #12
                        Every band needs a mom to remind the others what day practices are, what time to make it to rehearsals, proper attire, etc... In my book, the care and feeding of different musicians, I cover this stating that in most larger bands it is usually a keyboard player or rhythm guitarist that wears this hat with the most frequency...
                        my p0asting days are numb bird...

                        Comment


                        • #13
                          yeah, with us it is the guitar player with an assist from teh keyboard player...oddly enough, we are both Sagittareans, and have the same birthday...hmmm...
                          "We are currently experiencing some technical difficulties due to reality fluctuations. The elves are working tirelessly to patch the correct version of reality. Activities here have been temporarily disabled since the fundamentals of mathematics, physics and reason may be incomprehensible during this indeterminate period of instability. Normal service will be restored once we are certain as to what 'normal' is."

                          Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally used up and worn out, shouting '...man, what a ride!'
                          "The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively" ~Bob Marley

                          Comment


                          • #14
                            Originally posted by daddymack View Post
                            Notes, for over ten years for the band I was the 'accountant', and I ran it like anyother business, including issuing the 'partners' an annual report. I know what you mean, though, I never took an extra dime for doing all the bookkeeping...or the booking, logistics, phone calls, meetings, etc.<...>
                            I always figured that each person contributes what they can. In the most successful band I was in, there were 7 pieces. We all did our jobs, one did booking, another dealing with the agencies, another with getting recordings/music, another owned the trailer for the gear transport and so on. I think if you start nit-picking and saying, "But I did the ____ and you didn't do as much" it disrupts the harmony of the band and affects the music. As long as one person isn't being abused and another idling, it all works out. And if one does a little more than another, that's just life.

                            I know that when I used to go out to eat with the guys after work, we divided the check and tip up equally, regardless of who ordered the expensive or cheap meal. I guess if we are going to do that, it doesn't make sense to say, "I paid for the phone calls."

                            While the band is a business, it's like a family business. Everybody puts in for everybody's benefit.

                            Notes
                            Bob "Notes" Norton
                            Owner, Norton Music http://www.nortonmusic.com
                            Style and Fake disks for Band-in-a-Box and add on styles for Microsoft SongSmith
                            The Sophisticats http://www.s-cats.com >^. .^< >^. .^<

                            Comment


                            • #15
                              it takes a village...idiot...
                              "We are currently experiencing some technical difficulties due to reality fluctuations. The elves are working tirelessly to patch the correct version of reality. Activities here have been temporarily disabled since the fundamentals of mathematics, physics and reason may be incomprehensible during this indeterminate period of instability. Normal service will be restored once we are certain as to what 'normal' is."

                              Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally used up and worn out, shouting '...man, what a ride!'
                              "The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively" ~Bob Marley

                              Comment













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