For a real estate brokerage account, would it be better to track all the agents (50 + agents) by using the agent as the customer or create a class for each agent? I have been using a separate chart of accounts for each agent for commissions coming in and going out, but I am going to end up with an extremely large chart of accounts as the company grows. Looking for a better alternative.
I'd like to furnish you with information on how track your agents in QuickBooks Desktop.
Instead of adding your agents as customer, you can add create a list intended for your agents, Here's how:
Click the Lists menu.
Select Customer & Vendor Profile Lists.
Choose Sales Rep List.
Right-click the name and choose New.
On the drop-down menu, select the sales rep name.
Once completed, you can now associate each agent when creating an invoice for your real estate customers.
On the other, there's no need to set up an individual chart of accounts for each agent or sales rep. Instead, you can create one account and use it in posting the commissions you've given to your agents.
You can generate the Sales by Rep Detail or Sales by Rep Summary report to view the total sales per agent that you have.
Always feel free to visit us here in the Community if you have other questions about tracking your agents and their commission in QuickBooks Desktop. I'm always here to answer your inquiries.
What about when you pay them the commission? I don't see a sales rep column in the Bills part. There are fees taken out of the commissions also that need to be tagged to each agent and need to see totals by agent for the year.