Setting up a real estate brokerage in canada. Need a suggestion for chart of accounts.
We have 3 bank accounts:
General Account - where profit and bills are paid from
Deposit Trust - where Deposits are kept and returned.
Commission Trust - where commission is kept and paid from.
For commission funds we need to calculate HST payable as we receive the funds with HST and pay other brokerage or our agents with HST. Our profits are transferred to General account where classify retained earnings and HST payable on the profit.
Right now we used "Transfer" between the accounts which works fine, BUT we cannot classify HST. If we do expense and deposit then we have a double entry and our numbers are off.
if anyone can post a chart of accounts which would work for Canadian real estate accounting, that would be very helpful.