Setup for a mortgage broker

Question

Hi I am a mortgage broker. All my income come as commission twice a month and I get the commision report and remittance invoice. and the subscription fee taken from the account monthly and invoice is supplied.&nbsp;
Do I need to upload these reports and invoces into my expenses and income? Or a simple conneting the bank account statement would be neough.&nbsp;
Many thanks in advance for the guidance.
&nbsp;

doreen_p · Answer

Hey Garret,
&nbsp;
Managing your commission income and subscription fees can feel a bit tricky at first, but here’s a simple way to handle it:
&nbsp;

Create an invoice for each commission you receive.
 Pop in a bill for your monthly subscription invoice to keep your expenses tidy.

Linking your bank account is great for tracking your transactions, but uploading your commission reports and invoices gives you a more complete record. When it comes to which account to use, it’s always smartest to run that by your accountant so everything lines up just right for your business.
&nbsp;
Cheers,
Doreen

Forum Discussion

Setup for a mortgage broker

1 Reply

Looking for something else?

Related content

Hourly LSL setup

Inventory item setup

Chattel Mortgage Finance & purchase setup

Accounts setup

Payroll setup

Long Service Leave Setup

Superannuation setup

Salaried employee LSL setup