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How to Create a Journal Entry to bring over 1099 Cutover Balances
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Navigate to Brokerage Engine.
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Click "Accounting"
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Click "Journal Entries"
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Click "New Journal Entry"
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Click this date field and type your Cutover Date.
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Click this text field to add a reference number or text.
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Click here to select your Commission Paid Account.
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Click "5010 - Commission Expense - Residential"
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Fill out the Debits field to add the total balance to transfer for each Agent.
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Click this text field to add a description such as "1099 Cutover".
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Click "-- Select Name --" to add the name of the Agent.
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Click "Amy Agent (V) Vendor"
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Click on subsequent lines to add balances for more agents.
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Select the Commission Paid Account.
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Fill out the Balance Amount.
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Add a description.
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Click "-- Select Name --"
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Click "Amber (Agent) (V) Vendor"
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Click "Add Line" to keep adding rows to the Journal Entry.
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In order to balance the Journal Entry, you can use an equity historical adjustment account.
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