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How to categorize shared income?
My company did not have income of $1000 and have a $500 expense Why not? Your company received $1000 from you, and based on its agreement with the other company - transferred out half of it. How does it not translate to having $1000 income and $500 expense? When I run a report I want to see that my business has $500 of income not $1000 with a $500 expense You can write in your reports whatever you want, but if you want to see the real picture, then that is exactly what you should be expecting. That said, transferring money from yourself to your company is generally not considered income. You can have it booked as owner's equity, or a owner's loan if the company is required to repay. Unless you're paying to your company for some services provided or assets transferred, that is.