Musician Touring Tips: Income Sheets
Now, I’m not saying that you have to have a degree in accounting. But, if you’re going to be successful in any way, in keeping track of your money, which becomes very important at tax time.
Or, in Willie Nelson’s case, when the IRS busted him for not being diligent to report his money at tax time. Whatever, this becomes very important, keeping track of your money So, you saw, first, that I showed you this merchandise sold sheet, where I marked down every little thing that people buy at the shows. Once it comes from here, then it’s going to go straight into an income sheet, or even a inventory sheet. So, let’s talk about this income sheet here, for the first part.
The income sheet, you see that I have a date here, I’ve got the location or the place that paid me. And, then I’ve got the type of fee, this here was a cancel fee, all the rest of them were performances. And then, I put the total, then I’ve got a guitarist to pay I’ve got my agent, Kevin, and then I’ve got other expenses. After that, I can figure out exactly how much I made and that’s all going to total into other stuff later.
Whenever I keep these things, you notice I have some of them are in a little bit different colors, that just so that I can know that this one came from, when we were in Canada. And, that helps me to calculate things, because the rates, the monetary rates are different when you’re in different countries. Now, you can see that all of my income comes into here, so if I want to see how much am I making. Am I making more or less than last year, it’s all right here I can just look in here on my computer, find that, and then go and make adjustments, you know, fix stuff, get better.
There’s no way that you’re going to be able to improve your sources of income, unless you know where they’ve come from before and where you’re planning to get them from in the future.