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My real estate agents get their checks from the title co and the money never passes through my bank. need to track those monies to create 1099s for them. entering in QB?

how do i enter these monies in QB to track for 1099 purposes?
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QuickBooks Team

My real estate agents get their checks from the title co and the money never passes through my bank. need to track those monies to create 1099s for them. entering in QB?

Hello, @cristi-mcgowan.

 

You can write a check or create an expense transaction for the commission amount your real estate agents have received. Let's first create a bank account to represent the Title Company's account.

 

Here's how:

  1. Go to the Accounting menu.
  2. Choose the Chart of the Account tab.
  3. Click the New button.
  4. From the Account Type field, select Bank
  5. Pick the appropriate Detail Type.
  6. Enter a relevant name for the expense transaction.
  7. Click Save and Close

Also, you'd want to create an expense account to associate with the 1099 expense category. Here's how:

  1. Go to the Gear icon.
  2. Choose Chart of Accounts.
  3. Click New.
  4. From the Account Type field, select Expenses
  5. Pick the appropriate Detail Type.
  6. Enter a relevant name for the expense transaction.
  7. Click Save and Close

 

Once completed, you can now create a check or an expense account. 

  1. Click the New icon (+).
  2. Pick Checks or Expenses.
  3. Enter the real estate agent's details.
  4. In the Account column, choose Commission and enter the appropriate amount. 
  5. Click Save and Close. 

Lastly, I'd also recommend consulting with an accountant so you'll be guided accurately in tracking your income and expense transactions.

 

You can always leave a post below if you have other questions. I'm always here to help.

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