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Hi - I'm a real estate agent, affiliated with a large real estate brokerage. Let's say my real estate broker receives a $100 commission check that I earned for the brokerage, and then pays me $90. In quickbooks, do I record $100 commission income (because that was the amount of the entire commission) and $10 commission expense (because that's how much I owed the brokerage), netting $90? OR - do I simply record the $90 commission received from the brokerage Thank you.
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You record just the $90 as income. If you received $100 and then paid your broker their split of $10, you would record the $100 as income and $10 in expense.
You record just the $90 as income. If you received $100 and then paid your broker their split of $10, you would record the $100 as income and $10 in expense.
Thanks so much, @Rainflurry That makes sense, and what I was expecting. (I suppose I was trying to find an easy way to track how much I "don't" receive...because my brokerage gets x amount of each transaction!) Thanks again!
Hi, Rainflurry.
I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.
Keep safe and have a great rest of the day.
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