TotalBrokerage

The following items will be created in your Quickbooks Online account when synchronizing a Transaction to Quickbooks.  Please note that Essentials, Plus, or Advanced is required

(Key: Green denotes a Quickbooks item, and Blue denotes a TotalBrokerage item.) 

1. An Invoice will be created for your brokerage’s commission income. 

    a. The invoice’s private note will contain a reference to the transaction. 

    b. By default, the invoice will contain a line item for base commission. This line item pertains to a Product/Service 

        specified in your Quickbooks settings. 

    c. If bonus commission was specified, the invoice will also contain a line item for bonus commission. 

    d. If “Include Credits Affecting Gross Income” was specified when synchronizing, a line item will appear on the 

        invoice for each credit your brokerage received to gross income. 

    e. If “Include Deductions Affecting Gross Income” was specified when synchronizing, a line item will appear on 

        the invoice for each deduction from your brokerage’s gross income.

2. A Check/Bill will be created for each of the agents participating in the transaction. 

    a. The check/bill’s private note will contain a reference to the transaction. 

    b. The agent will be listed as a Vendor on the Check/Bill. 

    c. By default, it will contain a line item for the agent’s base commission. 

    d. The line items of your Check/Bill will include a “Customer” column populated with the same customer used in invoices for the transaction. This creates tighter coupling between the invoices and expenses created for transactions when generating reports in Quickbooks.

    e. If bonus commission was specified, the invoice will also contain a line item for the agent’s bonus commission. 

    f. A line item will appear on the Check/Bill for each post-split credit and deduction that apply directly to the agent's 

        net income. 

    g. A Product/Service is created for each credit/deduction. This Product/Service will be assigned to the created line items. 

        NOTE: Automatically created Products/Services will be used across Check/Bill and Invoices - meaning they can apply both to expenses and income. The Default Expense Account and the Default Income Account specified in your Quickbooks Settings will be used to create these Products/Services, if they do not exist.   A Product/Service with a name matching the description of the line item will be created, if one is not found. The line item descriptions are specified in the Setup User Fields page under Commission Line Item. 

    h. The description of each line item will display the name/company of the Vendor that it corresponds to. 

3. The system will examine all the credits & deductions in your transaction. This includes credits & deductions affecting gross income, agent gross income, agent net income, and broker net income. These credits & deductions will be grouped by the Vendor that participated in the financials of the transaction. 

    a. If a Vendor contributed a net zero or net positive amount to the transaction, it will create an Invoice. This is to denote that the Vendor owes money to the brokerage. 

            i. The Invoice’s private note will contain a reference to the transaction. 

            ii. The Vendor will be listed as a Customer on the Invoice. 

            iii. The Invoice will contain a line item for each credit and deduction the vendor provided to the transaction. 

    b. If a Vendor contributed a net negative amount to the transaction, it will create a Check/Bill. This is to denote that the brokerage owes money to the Vendor. 

            i. The Check/Bill's private note will contain a reference to the transaction. 

            ii. The Vendor will be listed as a Vendor on the Check/Bill. 

            iii. The Check/Bill will contain a line item for each credit and deduction the vendor provided to the transaction.

To have your TotalBrokerage Office Name attached to your QuickBooks entities, you will need to turn on location in your QuickBooks settings. This will set the location for invoices and checks to the Transaction Office.

Setup Expenses

Expenses Appear As: This defines if expenses appear as Bills or Checks in Quickbooks.

Date for Expenses: This defines the Payment Date on the Check/Bill that will be assigned to expenses created by TotalBrokerage. The following options are available for this option:

• Quickbooks Assigned - Quickbooks will automatically assign a Payment Date at the time the expense is created.
• Transaction Close Date - TotalBrokerage will assign the transaction's closing/lease execution date as the Payment Date for the expense.
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Expense Description: This is what will be populated in the expense line item's description. You can select Vendor Name or Transaction Property Address.

Default Expense Account: Each line item type in a transaction's commission (e.g. Referral Fee, Transaction Fee, Errors & Omissions) correspond to a Product/Service in Quickbooks which TotalBrokerage will automatically create. The Default Expense Account defines the default account these Services will be charged to, and corresponds to any Account of type Expense listed in your Chart of Accounts. 

Amounts Are: Allows you to define if sales tax is applicable to Expenses created by TotalBrokerage. Used for non-US-based companies only.

Add Transaction Property Address To Memo: If you would like the property address to be added to the memo of checks.

Use Line Item for Internal Transfers: If you would like specific line items from the commission tab to not appear in QuickBooks as it is being used to transfer money between the Brokerage and an Agent.

Setup Invoices

Customer for Brokerage Invoices:  The commission income will come from this QuickBooks customer that is created or retrieved when syncing the transaction. 

• Transaction name - Creates or retrieves an existing Quickbooks customer with the transaction name.
• Property address - Creates or retrieves an existing Quickbooks customer with the property address.
• Single Customer - Retrieves an existing Quickbooks customer, which will be used for all transactions. 

Commissions Appear As: This is the Quickbooks Product/Service that your incoming commission incoming for the transaction will appear as.

Date for Invoices: The created date for the Invoice.

• Quickbooks Assigned - Quickbooks will automatically assign a Date for Invoice at the time the invoice is created.
• Transaction Close Date - TotalBrokerage will assign the transaction's closing/lease execution date as the Date for Invoice for the invoice.

Due Date for Invoices: This is the due date for the invoice.

• Quickbooks Assigned - Quickbooks will automatically assign a Due Date for Invoice at the time the invoice is created.
• Transaction Close Date - TotalBrokerage will assign the transaction's closing/lease execution date as the Due Date for Invoice for the invoice.

Default Income Account: This is the Income account that will be assigned to all invoices created by TotalBrokerage in Quickbooks. This corresponds to any Account of type Income listed in your Charts of Accounts.

Add Transaction Property Address To Memo: If you would like the property address to be added to the memo of invoices.

Broker Commission Paid Out To: This is TotalBrokerage vendor the broker commission is paid out to. We will create this QuickBooks entity for you. This is useful in situations where net income must be sent to a separate location from your QuickBooks company, such as when transferring funds from an escrow account to an operating account. 

Add Transaction Owner's name to Invoice with a Quickbooks Custom Field: Whether to add the transaction owner's name to a Custom Field in Quickbooks.

Custom Field: The custom field to put the Transaction Owner's name into for invoices.

Setup Expenses

Expenses Billed To:  This is the Bank account that will be assigned to all expenses created by TotalBrokerage in Quickbooks. This corresponds to any Account of type Bank listed in your Charts of Accounts.

Date for Expenses: This defines the Payment Date on the Check that will be assigned to expenses created by TotalBrokerage. The following options are available for this option:

• Quickbooks Assigned - Quickbooks will automatically assign a Payment Date at the time the expense is created.
• Transaction Close Date - TotalBrokerage will assign the transaction's closing/lease execution date as the Payment Date for the expense.

Default Expense Account: Each line item type in a transaction's commission (e.g., Referral Fee, Transaction Fee, Errors & Omissions) corresponds to a Product/Service in Quickbooks, which TotalBrokerage will automatically create. The Default Expense Account defines the default account these Services will be charged to and corresponds to any Account of type Expense listed in your Chart of Accounts. 

You can choose specific transaction types or commission line items to override the default expense account for a different account. Select the checkmark map expense accounts to transaction types and choose which Transaction Types apply to which expense type. If none are added, the default expense account applies. You can add multiple Transaction Types or Commission Line Items per entry and map multiple entries by selecting the + Add button.

Amounts Are: Allows you to define if sales tax is applicable to Expenses created by TotalBrokerage. Used for non-US-based companies only.

Add Transaction Property Address To Memo: If you would like the property address to be added to the memo of checks.

Use Line Item for Internal Transfers: If you would like specific line items from the commission tab to not appear in QuickBooks as it is being used to transfer money between the Brokerage and an Agent.

Setup Invoices

Customer for Brokerage Invoices:  The commission income will come from this QuickBooks customer that is created or retrieved when syncing the transaction. 

• Transaction name - Creates or retrieves an existing Quickbooks customer with the transaction name.
• Property address - Creates or retrieves an existing Quickbooks customer with the property address.
• Single Customer - Retrieves an existing Quickbooks customer, which will be used for all transactions. 
• The First Vendor on the Transaction with a Vendor type - allows you to specify a specific Vendor Type in the below dropdown when this is selected. This vendor type will be used to get the customer for all brokerage income Invoices created as a result of synchronizing transactions. It will look for the first vendor of this type for the transaction to use as the customer.

Commissions Appear As: This is the Quickbooks Product/Service that your incoming commission incoming for the transaction will appear as.

Date for Invoices: The created date for the Invoice.

• Quickbooks Assigned - Quickbooks will automatically assign a Date for Invoice at the time the invoice is created.
• Transaction Close Date - TotalBrokerage will assign the transaction's closing/lease execution date as the Date for Invoice for the invoice.

Due Date for Invoices: This is the due date for the invoice.

• Quickbooks Assigned - Quickbooks will automatically assign a Due Date for Invoice at the time the invoice is created.
• Transaction Close Date - TotalBrokerage will assign the transaction's closing/lease execution date as the Due Date for Invoice for the invoice.

Income Line Item Description: This is what will be populated in the income line item's description. You can select Vendor Name or Transaction Property Address.

Default Income Account: This is the Income account that will be assigned to all invoices created by TotalBrokerage in Quickbooks. This corresponds to any Account of type Income listed in your Charts of Accounts.

Similar to the expense account, you can override this via the Transaction Type or Commission Line Item.

Amounts Are:  Allows you to define if sales tax is applicable to Invoices created by TotalBrokerage. Used for non-US-based companies only.

Add Transaction Property Address To Memo: If you would like the property address to be added to the memo of invoices.

Broker Commission Paid Out To: This is TotalBrokerage vendor the broker commission is paid out to. We will create this QuickBooks entity for you. This is useful in situations where net income must be sent to a separate location from your QuickBooks company, such as when transferring funds from an escrow account to an operating account. 

Setup Taxes (Only applicable to non-US companies)

Tax Code: This is the tax code that will be applied to Expenses and Invoices that are inclusive of tax. These correspond to the tax codes available for your QuickBooks company.