Record customer over payment?

Welcome to the Community, dyoung. I'd be delighted to assist you.

Before providing any services, some businesses need customers to pay retainers or deposits. When they invoice customers for services, the money from the deposits is used to pay those bills.

Here's how to record a retainer or deposit in QuickBooks Online:
 

1. Create a liability account.
2. Create a retainer item.
3. Create a trust liability bank account.
4. Create a Sales receipt or Invoice for deposits or retainers.
5. Turn retainer  into credit on invoices.
6. Transfer funds from your trust liability account to your operating account.

Please read this article for detailed instructions on each step: Record a retainer or deposit.

Refer to this article if you need to keep track of your bills in QuickBooks Online: Enter and manage bills and bill payments in QuickBooks Online.

Return to this post if you need further assistance recording transactions in QuickBooks Online. I'm looking forward to helping you, dyoung.

Hey dyoung,

I will be glad if I can help you out.

If your customer will purchase from you near future with this amount. Then the following will work for you.

>Click +New

>Click on Receive Payment under the Customer column

>Fill up the essential information

>Deposit to: Where you have received the payment (Checking A/C, Savings etc) select that
>Amount received: Put the amount you have received at your bank.

>Click on "Save & Close" you will get a popup Click "Save as a credit"

Now come to the Bank feed. Match the transaction.

>While you will raise an invoice and take payment from this advance, you have to adjust the invoice and advance payment under the customer panel.

If you need any bookkeeping help for your SME/S corporation then visit the followings.

Click here to know more: https://cutt.ly/E0DS7GH

Regards

wsraaz