QuickBooks Online is a great tool for managing the business of Real Estate Brokers and Agents. Setting up your listings is really simple, and it’s all in the Customer Database. The trick is to set up the customer, and then set up each listing, as a sub-customer.
This video will show real estate brokers and agents, how to setup your listings in QuickBooks Online.
Using the customer database to track your listings is a powerful way to use QuickBooks Online for real estate brokers and agents, because you can track both sales and expenses by listing. Later on we’ll look at what this looks like when you need to pay your agents. When the sale of the property is complete, and all of the expenses are recorded, you can run a report that shows you everything you need, to know how profitable the transaction was for you.
The commission income, can be compared with the expenses, that you associate with the listing, including commissions paid out to an agent, if applicable. From the agent’s perspective, you will set this up the same way.