Real Estate Agent Bookkeeping in QuickBooks - COA, Commision?
Hello! I am working on books for my sister who is a real estate agent. I have found a lot of information regarding real estate brokers, but not much about agents. I recently graduated with an AA in Accounting and an AA in Business Administration. I have experience with Quickbooks and am becoming a QuickBooks Pro Advisor. When it comes to real estate... I am lost! Where can I find a good example of a real estate agent COA? How do you handle commission checks? Like a paycheck? She has to pay the company she works for money out of her commission for certain things and also has to pay a certain amount per year. How do I account for this. Also, do I set her houses (lot number/seller name) as customers to keep track of spending for each of them? What if she has paid some personal expenses out of her real estate account... what COA should this be placed under? Thank you for any help. I think I am making this harder than it should be! :-)