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DG144
Level 1

Real estate commission

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.

Solved
Best answer December 20, 2022

Best Answers
Rainflurry
Level 12

Real estate commission

@DG144 

 

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. 

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3 Comments 3
Rainflurry
Level 12

Real estate commission

@DG144 

 

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. 

DG144
Level 1

Real estate commission

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!
 

FritzF
Moderator

Real estate commission

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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