This was already posted in Management and there are some ideas / answers there.
It really works best to stick to one posting rather than putting the same question in multiple areas, so why don't we add any more answers to that one and we'll have most of the info in one place?
If I were you, I would contact a local accountant and ask them what to do. That way you ensure that you are handling and noting the funds properly, in case of an audit. -just my 2cents