QB Issue Resolution:
Most times, you use one large JE from the closing. If you are going to issue the 1099, you need Transactions with Payee on them. So, make a Bank account and name it Clearing. Use it for the Ins and Outs, as regular Check and deposit, and for that one date, it needs to end at 0.
“Not sure how to enter everything since all of the funds didn’t pass thru my account physically.”
Use the Banking functions, anyway, so that you have the better Data Entry functions.
The sale is a deposit to Clearing for $20,000; or you use Sales receipts or invoices.
You Write Check the agent as Commission.
You use Banking menu > Transfer, from Clearing Bank to real bank.
Resolution for Issue 'How a Real Estate Broker enters a transaction where Title company actually issues checks but I have to account for the accounting and track 1099’s.' available: Yes (Solved).
Source: Intuit Community forum.
How a Real Estate Broker enters a transaction where Title company actually issues checks but I have to account for the accounting and track 1099’s.: 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.Support for accounting
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