I can help you with entering the commissions in QuickBooks Online (QBO), Bleufin.
To record commission payments, you can create the insurance company as a customer. Then, when you receive the payment, you can record it as a deposit in your bank and link it to the customer (insurance company).
To do this, here's how:
- In the left menu, click the + New button.
- Choose the Bank deposit.
- From the Account ▼ dropdown, select the account where you want to deposit the money.
- Go to the Add funds to this deposit section.
- In the Received from column, choose the Insurance company.
- Select the account used to track the commission payment and enter the amount.
- Enter any other necessary information.
- Select Save and close.
Regarding your concern about automating those deposits to go into your account, you can set up bank rules if those deposits will download directly to your bank feeds. This way, the system will automatically categorize transactions and assign them to the correct income or expense accounts. For more information on how to use bank rules, check out this article: Set up bank rules to categorize online banking transactions in QuickBooks Online.
For future reference, here's an article you can check for the best practices when reconciling your account: Reconcile an account in QuickBooks Online. It also offers guidance on addressing challenges during the reconciliation process.
Should you have any other concerns, don't hesitate to leave a comment below or start a new thread. We're always here to lend a hand, Bleufin.
