I am a Real Estate Broker and I have a Real Estate Brokerage Firm. I have Few Agents that work with us as Independent Contractors (End of the year they get 1099 - Misc.). When a sale happens I have to write them their commission checks. How to I categories and how do I create those accounts so end of the year it is easy for me to track things. Agents get paid on a split commission; basically we keep certain percent from the total commission earned. Please advice or direct me to video tutorials so i can utilize quickbooks batter.
Great to hear from you. While I don't know real-estate accounting specifically (there are many other discussions you are more than welcome to participate in, feel free to ask around, the community is full of helpful folks!), I can tell you how to set up your workers for 1099 payments.
You have two options. First, you can go to the "Workers" tab and there should be step-by-step instructions on how to set up your new workers. This is a new workflow created by @nicholasmaalouf and his team.
The "classic" way is to set up your contractors as "vendors," edit their profiles and click "track for 1099s" in the edit menu. I wrote a short article about this (with a step-by-step video at the top) that you can use as a reference. Just make sure you track their pay/ expenses in a designated account, separate from your other employees.
Hope this helps!
I just started as a real estate sales agent in NYC. Any tips on how to better track expenses, bills, and commissions and what stuff counts as tax deductible for this type of business would be great. I'd actually like to track all my income through this program but would that make it confusing? Is it strictly for one type of business?
Have you been able to figure this out? I have the same issue yet cant find a straight answer. Please help!!
Start a new thread with your requirements specified, this thread is old and about how a broker handles things, there is no indication whether you are asking about the same issues or not