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:
- Go to the Accounting menu.
- Choose the Chart of the Account tab.
- Click the New button.
- From the Account Type field, select Bank.
- Pick the appropriate Detail Type.
- Enter a relevant name for the expense transaction.
- Click Save and Close.
Also, you'd want to create an expense account to associate with the 1099 expense category. Here's how:
- Go to the Gear icon.
- Choose Chart of Accounts.
- Click New.
- From the Account Type field, select Expenses.
- Pick the appropriate Detail Type.
- Enter a relevant name for the expense transaction.
- Click Save and Close.
Once completed, you can now create a check or an expense account.
- Click the New icon (+).
- Pick Checks or Expenses.
- Enter the real estate agent's details.
- In the Account column, choose Commission and enter the appropriate amount.
- 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.