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Our business is a brokerage and we earn a commission based on what we sell and to which company we sell for. Even though our income is solely based on the commission, we'd love to be able to track the amount of sales (and how much sales we generate for various companies) as well.
We've toyed with the "tracking by class/location" but again, the income for our Quickbooks is only the commission we earn, not the total price of the sale so we'd only be tracking our income for each company we sell for.
Is there something else I'm missing? Or am I going to have to manually enter each sale into a spreadsheet and have formulas that calculate all of the extra information?
Hello there, @SteelBuildingGal.
Let me share some insights about recording commissions and guide you on ways to track sales in QuickBooks Online (QBO), so you can manage your earnings accordingly.
For the time being, there isn't a calculation feature for sales commission in QBO. However, you can track your sales by employee, sales rep, etc., using the class and location tracking features.
Since you've already activated both class and location tracking features, you're on the right track. All you have to do next is to create your list. Here's how:
You can refer to these articles for the complete guide:
Once you're done, add your salespeople as either a Class or a Location to enable you to track their sales individually. When you enter transactions, make sure to select the salesperson and the Class and/or Location info.
You can run sales reports by class or location or the Profit and Loss reports by Class or Location to find out how much each salesperson sold.
For complete details on tracking sales in QBO, you can visit this article: Track sales commissions in QuickBooks Online.
Also, you may want to check out one of our Help pages as your reference to guide you in managing your business growth and transactions in QBO: QuickBooks Learn and Support. It includes help articles, Community discussions with other users, and video tutorials, to name a few.
Comment below if you have other concerns about tracking sales commissions in QBO. I'll gladly help. Take care, and I wish you continued success, @SteelBuildingGal.
So that doesn't actually answer my question.
All of our company's income is solely commission earned from the sales of products through companies we represent. So our "sales" is only the percentage of commission we've actually taken in.
If I were to record the entire Sale, for example a $20,000 order that we only get to keep $3,000 of, then how would I deduct the $17,000 that we never receive and actually only ever goes to the company? In this scenario, we don't ever receive that other $17,000 as it's paid directly to the company by the consumer. We simply receive the $3,000.
Recording the entire sale seems like that would throw off my entire accounting system.
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