Hi. We are trying to conserve cash for teh end of the year, so the CEO does not want to be paid his commission payment for November.

You need to create a liability account to record the commission payment owed to the CEO, wlaughton. Then, create a journal entry so that the amount will be reflected in the liability account. Allow me to assist you with the procedure.

The liability account will serve as the holding account for the commission payment. If you haven't created a liability account, you can do so by following these steps:

1. Go to the Gear icon at the top.
2. Under Your Company, choose Chart of Accounts.
3. Click New.
4. In the Account Type drop-down, choose Other Current Liabilities.
5. In the Detail Type drop-down, select Other Current Liabilities
6. Enter the account’s name or leave the account name as is.
7. Click on Save and Close.

After that, create a journal entry for the commission payment. Before proceeding, it’s advisable to consult with your accountant. They can provide guidance on which accounts to use for debit and credit to keep your financial records accurate. To do this, follow these steps:

1. Click the + New menu and choose Journal entry.
2. Enter the Credit and Debit with the guidance of your accountant.
3. Enter information in the memo section to know why you made the journal entry.
4. Select Save and new or Save and close.

When the CEO is ready to receive the payment, you can create an expense or check affecting the Liability account. For more details, see this article: Learn the difference between bills, checks, and expenses in QuickBooks Online.

Furthermore, utilizing QuickBooks Live Bookkeeping can significantly enhance your accounting practices by ensuring the accuracy of your financial records and providing access to professional support. This service not only helps streamline your bookkeeping process but also saves you valuable time, allowing you to dedicate more energy towards the growth of your business.

Additionally, you can access these resources that will help you generate various reports and prepare your books for year-end:

• Common custom reports in QuickBooks Online
• Year-end guide for QuickBooks Online

Feel free to reach out if you need any further assistance with recording commissions or require more help with QuickBooks. I'm here to lend a hand. Stay safe.

@wlaughton-freigh 

The journal entry is a debit to the appropriate Bonus/Wage Expense account and a credit to Accrued Payroll Expense (other current liability account).