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Hi in this video we're going to see how Quickbooks online can help you if you are a real estate broker let's first go over some background to make sure that this is particularly applicable to your business first you have agents that work for you your agents provide you with deposits those deposits have to go into your trust account, and they're typically funded the agents' buyer then when the broker or your agents complete the transaction and closes you earn a commission, and you want to transfer those earned commissions to your operating account also as a broker you have to pay the agents a commission, and you have normal operating expenses I'm going to keep this very simple I'm going to show you how to use recurring entries and memorize reports to make it life easy we're going to go over a bounce trust account or a ledger look at in summary detail then we're going to go over the profitability of each closing show you some Commission reports and this will all flow into your 1099 reporting the real solution here is to use classes for each closing and basically a class is like a division or Department then you'll see how we use it here for a broker we're going to set up recurring daily transactions and use that wonderful memorize report feature in QuickBooks Online let me show you an example I'm going to pull in a district this example report and the first thing we're going to do is we're going to go to the memorized reports, and I'm going to show you the trust account activity report what you see on this first trust account activity the 1100 Brooklyn Avenue closing there were eighteen thousand dollars that was received by the agent here put into the trust account we then transferred sixteen thousand to the operating account because the Commission was earned and two thousand was unused, and it went back to Joe Smith, so these are how exactly how each closing will look like in your trust account, and you're going to see how it balances later and here's one we just got a nice deposit from a buyer and there's been no transactions at all the next thing I want to show you going back to memorized reports here the next one I'm going to show you is balance sheet by class what we see over here this is your balance sheet what's really important is to look at the trust accounts here you can see remember that one for 100000 right there and here we have the liability because you still owe the money it's not income to you until the transaction is closed, so that's really the essence of the trust account and here's one for 1000 dollars that we looked at before, and you still owe 1000 in your trust liability account the next report I want to show you is to memorize report for you'll see how much money you're making for each transaction and that's profit and loss by class you can see over here are properties and this was a 5050 split 16000 to you eight thousand to your agent you made eight thousand dollars this is an 8020 split and so forth now what I want to do...
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