How to make sure I am properly accounting for my revenue and expenses in quickbooks as an agency owner

QuickBooks SupportCategory: TransactionsHow to make sure I am properly accounting for my revenue and expenses in quickbooks as an agency owner
Roger Villeneuve asked 4 months ago

Hello, I am a Farmers Insurance Agency Owner who is 1099’d by Farmers Insurance. Every month on the 5th, my “folio” or monthly commissions is direct deposited but first they deduct a certain amount (not the same every month) for shared marketing, E&O, advertising etc. How should I address this properly? If my 1099 reflects say $10000 for January, but I really had $9000 deposited into my account and $1000 deducted by various line items? What do I do? 

1 Answers
Oge answered 3 months ago

You can use the invoice to track the $10,000 expected, use receive payment window to recognise $9000 paid into your bank account. Before you save the transaction, ensure you check “Write Off” the balance at the bottom of the window to write the $1000 to commission account (COGS) – expense for shared marketing.
 
I hope this helps 

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