Author/Member Financial Guide
The information provided here is intended to help Kingdom Winds published authors and collective members understand and navigate the finances associated with book and other product sales. Authors/Members should consult their own accountants or tax professionals as well as applicable IRS, state, and local regulations and reporting requirements.
Below are the key sources of financial information related to book and product sales:
Kingdom Winds Collective Member Store Dashboard
Authors/Members have a dedicated store within the Kingdom Winds Marketplace. Members can find sales and financial information associated with this dedicated store in the member portal. Simply login and navigate to the My Account page from the main menu and then click on the “Manage Store and User Settings” button within the Kingdom Winds Collective Dashboard section.
Members can find additional financial information by logging into their Stripe account that was created or connected during the onboarding process. This will display information related to sales from author’s dedicated store in the Kingdom Winds Marketplace. Stripe will issue 1099’s for author’s exceeding the IRS threshold (>200 transactions AND $20,000 in total charges within the calendar year.)
Quarterly Royalty Reports
Kingdom Winds Publishing issues quarterly reports and payments associated with sales from Amazon, other retail channels (if enabled), and the Kingdom Winds Store. Kingdom Winds will issue 1099’s for author’s meeting annual IRS royalty thresholds (currently > $10.)
In conjunction with quarterly royalty reports, Kingdom Winds issues invoices for applicable charges owed by authors for product fulfillment charges. This may include reimbursement of author book costs, shipping costs, and distributor handling charges as well as fulfillment charges associated with the sale of books in the Kingdom Winds Marketplace. (We are currently working on an automated solution that would assess applicable charges and distribute funds to the appropriate party with each sales transaction in the Kingdom Winds Marketplace.)
Authors/Members should track, keep record of, and report other revenues received and expenses incurred directly related to the sale, promotion, marketing, etc.of their books and other products. For instance, this would include sales from author’s/member’s personal inventory.
Please Note: Kingdom Winds intends to begin offering fulfillment services to members beyond its own published authors once the automated solution is complete. These services will be available on a case-by-case basis for qualifying products.