Here's the scenario:
We are a Real Estate Brokerage working for the seller. A buyer has made a deposit on the property that doesnt close until the end of Feb. The deposit is more than the commission so we will have to give money back to our seller. I want to know the following:
1. How do I record the deposit from the buyer (who is not our client)? Lets say its an even $500,000
2. Our commission is .. lets say $300,000 plus tax ($339,000)
2. Create an invoice to the Seller (Sellers Lawyer) for the remaining amount - in this case we will owe the Seller - $161,000
Please help!
