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Ask QuickBooks ProAdvisor MBA PHR Your Ow...

QuickBooks ProAdvisor MBA PHR
QuickBooks ProAdvisor MBA PHR, Management Consultant, QuickBooks ProAdvisor, MBA, PHR
Category: Financial Software
Satisfied Customers: 82
Experience:  QuickBooks Pro, POS Point of Sale, Online & Enterprise Solutions
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I was categorizing incoming commissions as Commission Income

Customer Question

I was categorizing incoming commissions as Commission Income "income" category and "commissions paid" as an expense category. Since what I retain as profit is usually only 10%, i decided to classify my commissions paid the same as the income, namely as :commission income "income category", so in my reports I just show the remaining 10% as actaul income. I was able to change in early 2013 but for uniformity of reporting I want to change my prior years. I don't want to do it one by one, but would like to tell Quickbooks "change all "commissions paid" in the expense section into "commission income" in the income section. Please provide step by step instructions. Thanks you
Submitted: 2 years ago.
Category: Financial Software
Expert:  Rachel-Mod replied 2 years ago.
I'm a moderator for this topic. I've been working hard to find a professionals to assist you with your question , but sometimes finding the right professionals can take a little longer than expected.

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Expert:  QuickBooks ProAdvisor MBA PHR replied 2 years ago.

My name is Anna and I am a certified QuickBooks ProAdvisor.

Yes, you can make these adjustments to each year by their year end totals via General Journal Entry.

First, you will need to run end of year reports for both categories and print or write down each year's totals.

Second go to your chart of accounts and Right click. Select make Journal Entries. From there you will make your year end entries, using one entry for each year & dating them 12/31/**** for each year.

Third run another report and make sure your Journal entries fed correctly to the report. Were your Debits & Credits matched up properly? If the totals changed in the wrong direction, follow Step 2 again & edit the journal entries you just made.

I strive for 100% satisfaction. Please rate me for Excellent service so that I may continue providing my services to others. Thank you & please let me know if you have any more quesitons.

Anna Fox
Fox HR Solutions
Expert:  QuickBooks ProAdvisor MBA PHR replied 2 years ago.

I also wanted to offer you another option that may allow you to move all transactions. This option is only applicable if ALL transactions in the expense account for Commissions are to be moved. What you could do is go to your Chart of Accounts & Edit the Expense Account. Go to your COA list, Right click, select Edit Account, Change the Account Type to Income and then make it a SubAccount under the Commissions Income Account by selecting the SubAccount checkbox and then selecting the correct account in the drop box.

I hope these options have helped you. I always strive for 100% satisfaction. If I have provided you with Excellent service, please Rate Me so that I may continue providing service on JustAnswer &
Customer: replied 2 years ago.

sorry for the delay. I need to be at my computer to apply your suggestions. Once done I will rate. It will be possitive

Expert:  QuickBooks ProAdvisor MBA PHR replied 1 year ago.
Hi Customer,

I just wanted to follow-up to see if my assistance helped you move your information properly. I strive for 100% customer satisfaction, so please let me know if you need any additional assistance.

Thank you for using JustAnswer. Please come back to me for future assistance

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