Commission Summary
Description
How to fill out Commission Summary?
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FAQ
In terms of structure, a commission is money paid by an employer to an employee on a regular basis, in payment for services rendered on the job. Upon being established as a for-commission worker, fully or partially, that employee will receive his or her paycheck, either via regular paycheck or automatic deposit.
A fee paid for services, usually a percentage of the total cost. Example: City Gallery sold Amanda's painting for $500, so Amanda paid them a 10% commission (of $50).
The Commission Summary report summarizes the compensation for all salespeople for the period you specify and year-to-date.If you run this report in salesrep currency, then the amounts reflect the currency associated with the value in the Rep Name field (the salesperson's name).
Under the cash basis of accounting, you should record a commission when it is paid, so there is a credit to the cash account and a debit to the commission expense account. You can classify the commission expense as part of the cost of goods sold, since it directly relates to the sale of goods or services.
Just take sale price, multiply it by the commission percentage, divide it by 100. An example calculation: a blue widget is sold for $70 . The sales person works on a commission - he/she gets 14% out of every transaction, which amounts to $9.80 .
