Realtor commission income in QuickBooks

Realtor commission income in QuickBooks

Whether you are a realtor, a property manager, or a landlord, QuickBooks is an effective tool for the management of a business in real estate to manage realtor commission income in QuickBooks. As a realtor, you may run into some items that others in the business will not have to deal with, namely commission income. One of our clients recently asked about just that. We hope the answer provided will be helpful to you, as well.

Q: I’m a realtor.  How do I set up an account for commission income? Do I need to create an invoice?

A: To set up an account for Realtor commission income in QuickBooks, create an item for commission and link it to the Commission Income Account.

Then, create either a sales receipt or an invoice. Create a sales receipt if you are entering the amount of a received check OR create an invoice if you know that you are owed money. By creating an invoice, you’ll be able to track who owes you money. To verify the data, check your open invoice report.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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