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Hello-
I work in entertainment and have an agent who receives my weekly paychecks, takes out a 10% commission, and then direct deposits the rest into my bank account. Because of that, at the end of the year I have no record in QBO of the total commission I've paid them. Is there a way to record that since the only transaction I have to match to is a deposit that is already 10% less by the time I receive it?
thanks!
Solved! Go to Solution.
I appreciate your time visiting us in the Community space, esusc.
I'd like to add some information to help you record the transaction.
You can record a deposit in QuickBooks Online and add the commission amount as an expense in the Add funds to this deposit section. Before doing so, please consult with your accountant. They'll be able to give you the best accounting advice for your business. Don't have an accountant? You can find accounting professionals near you by visiting this link: Find a ProAdvisor.
To add the expense, here's how:
Once recorded, you can match this transaction to the deposit you have in the For review page.
I've got these articles to learn more about bank deposits and how you can match the transactions:
If you have any additional questions or need help with other concerns, please let me know in your reply. I'll be right here to answer them. Have a good day ahead.
I appreciate your time visiting us in the Community space, esusc.
I'd like to add some information to help you record the transaction.
You can record a deposit in QuickBooks Online and add the commission amount as an expense in the Add funds to this deposit section. Before doing so, please consult with your accountant. They'll be able to give you the best accounting advice for your business. Don't have an accountant? You can find accounting professionals near you by visiting this link: Find a ProAdvisor.
To add the expense, here's how:
Once recorded, you can match this transaction to the deposit you have in the For review page.
I've got these articles to learn more about bank deposits and how you can match the transactions:
If you have any additional questions or need help with other concerns, please let me know in your reply. I'll be right here to answer them. Have a good day ahead.
Aha, thanks! The one step I think I need to add this description is to categorize the direct deposits from my agency as Undeposited Funds so that they are available in the Bank Deposit form. Will give this a shot when the next deposit comes in.
Ok I got this working, thanks! I didn't need Undeposited Funds after all, I just set up the bank deposit before the money gets direct deposited, and put in 2 items: the total wages and the negative commission so that the final amount matches the amount of the direct deposit. Then it's easy to match the direct deposit to the pre-existing bank deposit, and I'm done! And now I can get a reporting of how much commission I've paid YTD. Thanks again!
Hi! I am having this same issue and would love to understand the fix. My direct deposits come in at the same time or before the remittances from my agent, so I can't really anticipate them and put something in Quickbooks before the direct deposit hits. Is there a way to record the commission after the direct deposit has already come in? Thanks so much! This is a very niche issue and I am having trouble getting an answer from anyone.
Thank you for joining the conversation, kf27!
Yes, your deposited wage can be recorded in QuickBooks with a deduction for your agent. Let's say your take-home pay is $5000 and your agent's cut is $500. Basically, you only received $4500 in your bank account. You can record it by creating a bank deposit with a deduction line, like in the sample below. Just disregard the accounts I used, you may ask for advice from an accountant about them.
If your bank account is connected to QuickBooks, you can match the downloaded wage to the deposit transaction.
Let me know if you have other questions about your wage. Take care and have a good one!
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