Okay, so I was reading the waiting thread and started to wonder: If my agent sells my book right away, (I know, wishfull thinking) when does the advance come?
When does "advance" money come?
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Here's one typical pattern:
One third on signing, one third on delivery and acceptance, one third on publication.
One third on signing, one third on delivery and acceptance, one third on publication.
For my non-fiction project, it is broken into "milestones," kind of like Uncle Jim says, although I had to submit the material in packets, with each packet earning a part of the advance. When I turn in the final product, I get the last half of the advance.
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Like UJ says, except that as I had already delivered the finished product I got signature and delivery advance together.
(Have I missed something? Has your book sold?)
(Have I missed something? Has your book sold?)
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It can takes weeks or months, depending on the publisher.
One of them sent me the first advance check within a month of signing the contract, the other took three months.
Fill the waiting time in by focusing on writing the next book and don't hover over the mailbox. Then when the check arrives it will be a happy interuption to your work.
Word of advice--put at least HALF of each check in an untouchable savings account. Don't spend it all.
You'll thank me come April 15th.
One of them sent me the first advance check within a month of signing the contract, the other took three months.
Fill the waiting time in by focusing on writing the next book and don't hover over the mailbox. Then when the check arrives it will be a happy interuption to your work.
Word of advice--put at least HALF of each check in an untouchable savings account. Don't spend it all.
You'll thank me come April 15th.
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The worst by far is my French publisher. They pay advances as late as they can, and royalties are even worse. Royalties are due only once a year, December 31st. But my contract says they have three months to pay them. Of course, they wait till the three months are over and then they start to move.
I tried to get my ex-agent to chase them up but she ignored me. So I got through to the sub-agent in France, who said that they had received a royalty statement and the royaties woulod be paid at the end of April. It's almost June and I stil haven't got last years royalties, though they are on their way.
It really infuriates me. In my eyes, they should be paying interest on every day beyond December 31st, and if I ever sign a book with them again I want to insist on that. Does anybody know if that is done? Anybody with similar complaints?
The trouble is that I've had to go into overdraft, max out my credit card, and such while they are sitting on MY honestly earned money.
I tried to get my ex-agent to chase them up but she ignored me. So I got through to the sub-agent in France, who said that they had received a royalty statement and the royaties woulod be paid at the end of April. It's almost June and I stil haven't got last years royalties, though they are on their way.
It really infuriates me. In my eyes, they should be paying interest on every day beyond December 31st, and if I ever sign a book with them again I want to insist on that. Does anybody know if that is done? Anybody with similar complaints?
The trouble is that I've had to go into overdraft, max out my credit card, and such while they are sitting on MY honestly earned money.
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Gillhoughly said:
I've never had to pay half an advance in taxes, and I've found it's easier to pay quarterly, which I have to do by law, anyway. For me, it's better to keep my taxes paid in advance, rather than have it sitting in the bank.
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I pay quarterly as well, but having half in an untouchable account is my insurance against the IRS disagreeing with me on my estimated income.
Sorry to hear that! I must have a different one. Their advance came within two months of signing the contract in the summer.
Each publisher has a different way of doing things. The longest I've waited for the other half of an advance was 8 months--the editor forgot to notify accounts that the book had been turned in and accepted. Once I asked they cut the check in a week--highly embarrassed about the gaff!
Sorry to hear that! I must have a different one. Their advance came within two months of signing the contract in the summer.
Each publisher has a different way of doing things. The longest I've waited for the other half of an advance was 8 months--the editor forgot to notify accounts that the book had been turned in and accepted. Once I asked they cut the check in a week--highly embarrassed about the gaff!
Gillhoughly said:I pay quarterly as well, but having half in an untouchable account is my insurance against the IRS disagreeing with me on my estimated income.
E
I don't think I could afford to leave half my advance checks in the bank, but it's never been a worry. I've found it almost impossible not to overpay quarterly. So much so that I've always received at least a bit of money back from the IRS each year.
Then again, I claim no deductions during quarterly payments, so when I do claim them at year's end, it always brings a little back. In a sense, I suppose claiming no deductions atthe quarterly cycles is a sort of leaving money in the bank.
I've also learned that the IRS is better than an accountant, so I get on the phone with an IRS agent while I'm doing my taxes. If a mistake is made, it's theirs, not mine. This has come in very handy the couple of times I've been audited.
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