Question

Custom report with client accounts receivable balance AND client retainer balance

3 replies
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We do bookkeeping for a law firm. Some of their clients send in retainer payments. I need a custom report that shows, by client, the accounts receivable balance (an asset account) as well as that client's retainer balance (a liability account) on the same line. Is this possible? Thank for any help.

QuickBooks Accountant Online

JasroV

Level 8

You'll be glad to know its possible, @whatsup.

I’ll share with you the steps on how we can run a report that shows your customer Accounts Receivable A/R balance and Retainer balance.

You can run the Transaction Detail by Account in their QuickBooks Online (QBO) account and customize it to show the details you need. Let me guide you how.

Go to the Reports menu.
Type in and enter Transaction Detail by Account in the search field.
Click Customize.
Select the Rows/Columns drop-down and click the Change columns link.
Put a checkmark inside the Account box to add it as a column.
Click the Filter drop-down menu and select Account.
From the Account drop-down field, select the A/R account and the Liability account.
Then click Run report.

You can also check this article for more details in generating a report that bases on your business needs: Customize reports in QuickBooks Online.

It's also great to memorized the report to save its current settings. This way, you won't have to go through the customization process again in case you need the same data.

You can always tag me in your reply if you have other questions or concerns about managing reports in QuickBooks. It’s always my pleasure to help you. Have a great weekend ahead!

W

whatsupAuthor

Thanks for your advice and guidance. I tried that but it didn't produce the results I wanted. I didn't provide enough information in my first post. I'll provide more details and would really appreciate help.

Let's say I do bookkeeping for a law firm that has two clients (Client A and Client B). Client A has two unpaid invoices - one per month for Jan and Feb 21 (Invoice #01012101 $200 and Invoice #02012101 $350) for a total of $550. Let's say Client A also has unbilled time entries in the month of March that total $400. Lastly, Client A has $500 in his retainer account. Let’s also assume Client B has similar transactions.

If I run an unpaid invoice report April 1 for Client A, I will get something that looks like this:

01/01/2021 Inv 01012101 $200.00

02/01/2021 Inv 02012101 $350.00

Total $550.00

If I run a unbilled time report on April 1 for the month of March for Client A, I will get something that looks like this:

03/05/2021 Conference call with client 0.5 hours $200.00

03/10/2021 Draft legal brief for client 0.5 hours $200.00

Total $400.00

If I run a retainer account (liability account) balance report on April 1 for Client A, I will get something that looks like this:

11/21/2020 Deposit $300

12/15/2020 Deposit $200

Total $500

I can really use a report that I run on April 1 that looks like this:

Client Open Balance Unbilled Time Retainer Balance

Client A $550.00 $400.00 $500.00

Client B $300.00 $250.00 $800.00

Client C....and so forth

C

CharleneMaeF

QuickBooks Team

Thanks for adding more details of your concern, whatsup.

Pulling up the needed details is achievable by exporting and customizing the reports you've mentioned.

Here's how:

Go to the Reports menu.
Type in the name of the reports in the search field one by one.
Click to open.
Choose Customize.
Enter the correct report period.
Filter the details you'd like to see.
Click on Run report.

Once done, click the Export icon and then select Export to Excel. From there, you'll be able to customize them.

You can also check out this article for further guidance with the process: Export your Reports to Excel from QuickBooks Online.

Additionally, I encourage memorizing reports in QuickBooks. This helps you save the current customized settings.

I suggest getting back on this thread if you'll need help in running reports. I'm always here to assist.

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