QB Issue Resolution:
you should have a service item for commissions earned that posts to an income account
create a service item called loan paydown or something and link it to the loan liability account
create a sales receipt
line one: Commission earned item, qty =1, amount = 6,000.00
line two: loan paydown item, qty = -1 (negative one), amount = 6,000.00
save
nothing in this transaction directly affects equity, transactions rarely do.
Resolution for Issue 'Hi, I have a master franchise business, HQ holds a note I owe for $100,000. Each time one of my sub-franchisees makes a sale they pay commission to HQ, and HQ owes me 10% of the sale amount as a bonus. Say in February my 10% bonus is $6,000. If I didn’t have a note with HQ I would invoice them for $6,000 and it would show as income. Instead they reduce my note, so in this case it’s now $94,000. I want to show the $6,000 in income in Quickbooks even though I don’t actually see it. I have a loan payable account for the note. I could journal $6,000 from the loan payable account to owner equity account but I want the $6,000 to show on my income statement (as it really is income). Can anyone help me with this? I would be hugely grateful. Sian' available: Yes (Solved).
Source: Intuit Community forum.
Hi, I have a master franchise business, HQ holds a note I owe for $100,000. Each time one of my sub-franchisees makes a sale they pay commission to HQ, and HQ owes me 10% of the sale amount as a bonus. Say in February my 10% bonus is $6,000. If I didn’t have a note with HQ I would invoice them for $6,000 and it would show as income. Instead they reduce my note, so in this case it’s now $94,000. I want to show the $6,000 in income in Quickbooks even though I don’t actually see it. I have a loan payable account for the note. I could journal $6,000 from the loan payable account to owner equity account but I want the $6,000 to show on my income statement (as it really is income). Can anyone help me with this? I would be hugely grateful. Sian: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.
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