In QuickBooks Online, tracking commissions to a project isn't an option available yet. With that, you'll need to create a clearing account to hold the commission amount of $1,000. Then, create a deposit from company ABC ($1,000) and use the clearing account created. Doing so will require the money to move from one account to another account. To do this:
- Go to Accounting on the left panel.
- Select Chart of Accounts.
- On the Chart of Accounts screen, click the New tab.
- Choose a specific account under the Account Type. You may choose any detail type you want for your clearing account.
- Type in the Name for the clearing account.
- Make sure you do not type in any amount on the balance before clicking Save and Close.
Then, create a deposit for the commission amount using the clearing account created.
Once ready, transfer the $1,000 from the clearing account to the correct income account linked to the project name using a Journal Entry:
- On the Plus icon, choose Journal Entry.
- Add the AR or AP from which you are moving money.
- Select the Clearing account.
- Click Save.
In addition to that, it's best to consult with your accounting professional to provide additional guidance in handling these transactions seamlessly. They can assist you on how to clear off these entries and further perform necessary adjustments when creating JEs.
In addition to that, you can run specific reports to track aging or uncleared transactions in your file. Once everything looks good, start reconciling your data to ensure all entries match your bank and credit card statements.
I'll always be available in this thread if there's anything else you need further assistance with when managing transactions in your account. Just keep me posted, so I can back you up whenever you require additional help. Take care and have a great weekend!
