Customer Payment Entry

Hi, @Whitney4715.

You can record a Retainer or Deposit workflow to manage your customer's down payment.

A retainer functions similarly to an upfront payment received from a customer, which is initially recorded as a liability. First, create a liability account to track the amount of the retainers you receive from your customers.

Here’s how to manage this using a Retainer setup in QuickBooks Online(QBO):

1. Navigate to My Apps and hover your mouse over Accounting.

2. Click on Chart of Accounts and select New Account.

3. From the Account Type dropdown menu, choose Other Current Liabilities.

4. In the Detail Type dropdown menu, select Trust Accounts - Liabilities.

5. Enter a name for the account (for example, Retainer) or keep the suggested name.

6. Click Save and Close.

After that, create a retainer item. Here's how:

1. Click on the Gear icon, then select Products and Services.

2. Click on New.

3. In the Product/Service information panel, choose Service.

4. Enter a name for the new product or service (for example, Retainer).

5. From the Income account dropdown menu, select the liability account you created.

6. Click Save and close.

The retainer item can now be selected when creating an Invoice or Sales receipt for a deposit or retainer payment. For additional guidance, please refer to this article: Record a retainer or deposit.

Keep us updated on your progress. We are committed to ensuring everything goes smoothly for you.

Hi there, @Whitney4715.

Just checking in to see if the solution we shared worked for you. 
 
Did it fix the issue, or are you still having trouble? 

Happy to help if you need any more assistance.