Getting started
The "Post to general ledger" window allows you to record all financial aspects of your commission transactions. This guide explains how to post commission transactions to your accounting general ledger and QuickBooks after they've been finalized.
What you can record
Basic information
Posting Date: The date the transaction will be recorded in your accounting system
Income (Accounts Receivable)
Commission Income: The total gross commission you've earned. By default, this shows as being paid by the officer, seller's attorney, or seller.
Other Income: Any additional income related to the transaction, shown as separate line items.
Expenses (Accounts Payable)
Pre-commission deduction: The broker and agents share expenses before splitting the commission. This creates a separate bill payable to a third party.
Agent commission: The portion of commission paid to agents, minus any itemized deductions.
Post-commission deduction (broker): Expenses the broker pays after the commission split. Creates a separate bill payable to a third party.
Post-split deduction (agent to third party): Expenses the agent pays to a third party. Creates a separate bill payable to that third party.
Post-split deduction (agent to broker): Money the agent pays to the broker. No separate bill is created - this is simply deducted from the agent's commission.
Payments & Adjustments
You can record payments (either made or received) in two ways:
Through the Action > Post to general ledger option
In the transaction's Ledger submenu
Important: After clicking "Post" in the "Post to genera ledger" window, that window can no longer be accessed for that transaction. However, you can still record payments and adjustments through the Ledger submenu.
Handling "Paid at table" transactions
In "paid at table" scenarios, a title company, attorney, or other third party distributes commissions and expenses directly to all parties involved. As the broker, you only receive your net profit. However, for proper tax and financial reporting, you should still record the total income and expenses.
To handle this correctly:
Click the "Pay at table" button in the Post Commissions to GL window
This automatically creates payments to a clearing bank account to record all income/expense activity
Select the specific bank account where your net profit should be posted
QuickBooks Integration
Please remember to check the QuickBooks V2 integration setup instructions for detailed configuration guidance.
To ensure proper syncing with QuickBooks:
For Invoices (Income)
Your system's GL Account Name must exactly match a QuickBooks service name
In QuickBooks, you can map this service name to a specific GL account
For Bills (Expenses)
Your system's GL Account Name must exactly match the QuickBooks GL account name
Unlike invoices, there's no intermediary mapping step