How to Create a Journal Entry to bring over 1099 Cutover Balances

Click "Accounting"

Click "Journal Entries"

Click "New Journal Entry"

Click this date field and type your Cutover Date.

Click this text field to add a reference number or text.

Click here to select your Commission Paid Account.

Click "5010 - Commission Expense - Residential"

Fill out the Debits field to add the total balance to transfer for each Agent.

Click this text field to add a description such as "1099 Cutover".

Click "-- Select Name --" to add the name of the Agent.

Click "Amy Agent (V) Vendor"

Click on subsequent lines to add balances for more agents.

Select the Commission Paid Account.

Fill out the Balance Amount.

Add a description.

Click "-- Select Name --"

Click "Amber (Agent) (V) Vendor"

Click "Add Line" to keep adding rows to the Journal Entry.

In order to balance the Journal Entry, you can use an equity historical adjustment account.