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Georges N
June 11, 2020
Question

Due from Shareholder to Commissions

  • June 11, 2020
  • 2 replies
  • 0 views

Hi there,

 

As of December 31, I had $14000 as due from shareholder. I decided to issue a T4A (commissions paid) for that amount on the same date. 

 

Right now, quickbooks online shows $14000 as due from shareholder and I would like to transfer it to commissions paid (expense).

 

what journal entry would I use

2 replies

J
JamesM
June 11, 2020

Hi Georges N,

 

I'm happy to learn you're advantage of the time-saving features which QuickBooks offers. I'd be glad to steer you in the right path with this. 

 

Making sure your accounts are set up the right way is a good exercise for preventing errors in your books. I recommend contacting an accounting professional to get more info on this. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any discrepancies on your account. 

 

I'll also leave this post here in the Community so that accounting professionals can chime in on this. Otherwise if you decide to use journal entries, check out this helpful article which shows you how to: Create a journal entry in QuickBooks Online.

 

 In the meantime, feel free to ask other questions by leaving a comment below. I'm here to help. :) 

 

J
JamesM
June 11, 2020

Hi Georges N,

 

I'm happy to learn you're advantage of the time-saving features which QuickBooks offers. I'd be glad to steer you in the right path with this. 

 

Making sure your accounts are set up the right way is a good exercise for preventing errors in your books. I recommend contacting an accounting professional to get more info on this. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any discrepancies on your account. 

 

I'll also leave this post here in the Community so that accounting professionals can chime in on this. Otherwise if you decide to use journal entries, check out this helpful article which shows you how to: Create a journal entry in QuickBooks Online.

 

 In the meantime, feel free to ask other questions by leaving a comment below. I'm here to help. :) 

 

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