Receiving money for the corp in a non-corp labelled account?

[sting]

I have an account with a company that will pay me commissions when I bring them new clients. They pay me cash into that account. However, that account Is under my personal name and not my corporation.

On a regular basis, I'll have to take the money from this account that receives it and subsequently deposit it into my corporate bank account.

How would I handle the accounting on this?

When I deposit it into the corporate account, what would I label that deposit as?
Because the account is in my personal name, do I have to officially, "sell" ownership of it to my corporation for $1 or something so that the corp. officially owns it? What would the sales note say?

Is this all proper/possible?

 

[Werner Reisacher]

Go back to basics. Who are the partners in the contractual agreement which entitles you to receive a commission? The Accountant of the company that is paying you follows his obligation to pay the commission to the party that has entered a mutually binding agreement with them. If you are doing business in the USA, you will receive at the end of the year a Form 1099. This form is addressed to the party that has received a taxable income under the contract. Once you cleared up this situation, the other issues will fall into place.

 

[riskov]

that's right you need more information