Keep the commercial agreement
Record the sponsor, contracting entity, deliverables, publication or service dates, approval process, payment terms, and any usage or exclusivity terms. Preserve amendments and approved changes.
Give the accountant enough contract information to assess timing and presentation. A campaign's publication date, invoice date, and cash receipt date can differ.
Record completion evidence
Retain the agreed proof of delivery, customer acceptance, and any outstanding work. Keep only the evidence needed for the contract and accounting review, with confidential partner details handled appropriately.
If a sponsor requests additional content, document whether it changes the fee or belongs to the original scope. An informal message should reach the invoice owner before the campaign closes.
Reconcile gross fees and deductions
Identify agency commissions, platform fees, withholding, reimbursements, and other deductions. Compare the expected invoice amount with the receipt and obtain an explanation for differences.
For illustration, a $5,000 sponsorship less an approved $500 agency commission results in $4,500 cash before other adjustments. The accountant should assess whether the gross presentation and expense treatment fit the actual arrangement; the deposit alone does not answer that question.
Track receivables and disputes
Match receipts to invoices and record customer payment promises. Investigate incomplete approvals, disputed deliverables, and missing purchase order references before escalating collections.
Keep refunds and credits linked to the original campaign. A concession agreed after a complaint should not disappear into a smaller deposit with no supporting record.
Prepare the annual tax package
Review sponsorship and platform reports against the ledger so the same payment is not counted twice. Supply contracts, invoices, receipts, commissions, and relevant information returns to the preparer.
Retain the final campaign record with the accounting period. The file should explain what was promised, what was delivered, what was invoiced, and how much was collected, leaving tax treatment and unusual rights arrangements to the qualified adviser.
Sources
Requirements and product details can change. Check the linked guidance for the facts that apply to your situation.
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General information, not personalized accounting, tax, legal, or investment advice. Have the appropriate qualified professional review decisions that depend on your circumstances.