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Real estate commission

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Hi - I'm a real estate agent, affiliated with a large real estate brokerage. Let's say my real estate broker receives a $100 commission check that I earned for the brokerage, and then pays me $90. In quickbooks, do I record $100 commission income (because that was the amount of the entire commission) and $10 commission expense (because that's how much I owed the brokerage), netting $90? OR - do I simply record the $90 commission received from the brokerage Thank you.

RainflurryAnswer

@DG144

You record just the $90 as income. If you received $100 and then paid your broker their split of $10, you would record the $100 as income and $10 in expense.

RainflurryAnswer

@DG144

You record just the $90 as income. If you received $100 and then paid your broker their split of $10, you would record the $100 as income and $10 in expense.

D

DG144Author

Thanks so much, @Rainflurry That makes sense, and what I was expecting. (I suppose I was trying to find an easy way to track how much I "don't" receive...because my brokerage gets x amount of each transaction!) Thanks again!

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