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

15 steps
|
30 seconds

Navigate to Brokerage Engine.

Click "Accounting" to navigate to the module.

Click the "Quick Actions" menu.

Record Journal Entry

Click the "New Journal Entry" option.

Set the Journal Date as the Cutover Date.

Click the "Journal No." text field to add a reference number or text.

Use the dropdown menu to select the Account tracking for 1099 purposes.

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".

Use the dropdown menu to select the Vendor profile for the Agent.

Click on subsequent lines to add 1099 balances for more agents.

To balance the Journal Entry, select the same account used to increase the balances for the Agents from the dropdown menu.

If multiple accounts are used to bring over the 1099 balances, then each account must include an entry to decrease the balance. These balances were already imported through the Cutover Journal Entry, so failing to offset them will result in artificially inflated account balances.

Add the total amount on the column to balance the Journal Entry Amount.

Click "Save"

Click "OK"