Accounting for Real Estate Brokers and Agents with QuickBooks Online Webinar

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Accounting for real estate brokers and agents

with QuickBooks Online

has some specialized areas,

that we’re focused on in this 1.5 hour webinar.

In the previous videos, we covered the basics:

In this webinar I take you on a deep dive into all of this and beyond.

I reviewed the above.

Then we looked at how the Real Estate Broker can handle paying the agent.

We looked at how to deal with advances, as well as advanced costs.

You’ll see how to tag any expense to a listing, so you can get a detailed profitability report on that listing, once it’s sold.

I’ll show you how to use locations, for a really clean profit and loss by property report.

Trust Accounting for any deposits received from clients, is also handled via Location tracking. I cover this in some detail, including how to move the money over to your checking account, with the proper reporting intact.

You will also learn how to set up and manage reporting for the trust account.


8 Replies to “Accounting for Real Estate Brokers and Agents with QuickBooks Online Webinar”

  1. Wow, great video. As a non financial person Seth breaks down the information into logical chunks and takes the stress out of Quickbooks process because he helps you UNDERSTAND where things are going in the database. He constantly goes back and forth from a database entry to a report like a P&L or Balance Sheet and he shows you how it shows up there. Thanks Seth!

  2. Seth

    I am an independent real estate agent trying to use my quickbooks pro 2012 desk top software. I’ve watched your videos for inputting my listings. My question is do I do all my income and business expenses as a separate business ie: agent1 listings and agent1 business expenses or can I do it all under 1 business

    1. I’m not sure I understand the question. Can you clarify what you mean, when you say, “separate business?”
      If I DO understand correctly, and more generally, any expenses related to a listing, get tagged to that listing in the customer:job drop down.
      Expenses that don’t relate to a listing (ie overhead) can either be left blank in customer:job, or create a job called, “Overhead.” This way it’s crystal clear that you didn’t simply forget to code it.

  3. Hi Seth, I love your videos. The lawyer pays the commission in our situation and I invoice them directly through Quickbooks. How would you set them up with regard to clients and agents? Right now I have each law firm as customers and put the details in the memo line. Should I use classes to track by agent? I was using class to track by customer and property address but will now use location. It would be great to see a video on how you reconcile the trust account and have a full transaction from start to finish.

    1. Hey Mike!

      Thanks so much re: my videos! I love making them.

      I checked out your website, and out of curiosity looked at a map of where you’re located. Gander looks nice!

      If the lawyer is representing the buyer, or seller, I might be inclined to set them up the way my videos show the set up for the buyer / seller. This way you put the information about both of them in the listing.

      So the structure might look like this (in your customer list):

    2. Agent
      Listing / Attorney / Client (all at the job or sub-customer level)
    3. You can use the contact details, notes and other fields in QBO to include a lot of information, without having to over complicate the structure here
      This way, when you invoice for the commission, you are invoicing the “customer” with all of the details in one place (customer / job profile).
      It’s a good idea, to create a video on the whole process from start to finish. I might be inclined to do something like that as a course, like the ones I have here:

      Perhaps I can help you with your specific set up 1:1?
      If you’re interested in that, have a look at my rates here:

      I’ve been working with a number of Brokers and Agents this way. In most cases we start with a 5 hr plan. This gives us time to log in together, and get one of your live transactions set up and entered from start to finish (generally in the very first session). Then you can apply what you’ve learned and enter some on your own. Then you can get your questions answered, and address any other things that come up in our subsequent sessions.

      Let me know if I can help with anything else in the meantime.

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