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a simple way to accomplish what you want is to change the classification of commissions Paid from an expense to a reduction of the commissions income. That way, both line items will be available for tax time, but net commissions will show on your profit and loss statement.
You can then customize the report to not report the detail, but only net commissions, and only the retained 10% would be reported as income.
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THank you. So let's say, I get 1000 coming in. I classify it as commission income. Then I have 900 going out, also classified as commission income, which leaves a $100 remainder. How do I customize the report? What do you mean by "detail"? Please explain because I don't see how to show in the report only the 10% without seen the rest
You could set a main category as "Commissions", and tell QuickBooks to print just the commissions net amount, without the detail of Commissions Income and Commissions Paid. Then, save the formatting of the report and you will always have a report that shows only (net) commissions as the income line.
Try that and let me know if you need assistance customizing, but it's pretty straight forward.
I know there is a way to change one category into something else at once. Can you tell me that?
Set up a new income category, call it "Real estate commissions" or something to make it different from the Commission Income and Commissions Earned. Then, bring Commissions Earned and Commissions Paid under that category. Change their categories. Then, set up your reports to only report "Real estate commissions".