How to show customer that pre pays for four jobs throughout the year. How do I show this in the accounts. Charles

Hi Charles,

Recording prepayments is a vital process and I'd be happy to show you how you can easily do that in QuickBooks. 

Among other great features which QuickBooks offers, recording prepayments is one of them. You can do this by following the steps outline in this article here: Record a retainer or deposit. I encourage you to go through the steps and in case you get stuck, don't hesitate to reach back here. 

Let me know if you have other questions. I'm here to help. 

I meant to ask in my last response. 

In Step 2, Option 6 where do I find the "When do you want to start tracking your finances rom the is account in QuickBooks? ".

Chuckles3

Thought that I had sent a reply.

Step 1, Option 7, where do I get the enter a Balance and as of date.

Chuckles3

Hi Chuckles3, 

The process to entering your Balance and As Of date are outlined in the article provided by my colleague above. Additionally, Step 2, Option 6 simply states to click Save and Close. 

It might be helpful for a tech support agent to share your screen and walk you through the process of recording your retainer/deposit. Please reach out to one of them here for further troubleshooting assistance. 

Have a great weekend. 

Thanks for getting back to me. I did converse with an agent yesterday. Was on the computer for two hours.

Under the following section I cannot find out where option 6 can be found.

Record a retainer or deposit

Step 1. Create a liability account
First, you need to create a liability account to track the amount of the retainers you receive from your customers.

1. Select Settings ⚙, then select Chart of Accounts.
2. Select New.
3. From the Account Type ▼ drop-down menu, select Other Current Liabilities.
4. From the Detail Type ▼ drop-down menu, Client Trust Accounts - Liabilities.
5. Enter a name for the account (ex. Trust Liabilities) or accept the suggested name.
6. Select an option from the When do you want to start tracking your finances from the is account in          QuickBooks? dropdown list.

7. Select a Default Tax Code and enter a Balance and as of date.

8. Select Save and close.

I tried to create Client Trust without using Option 6

It shows in the Chart of Accounts

Created the Retainer item.

Then I went to create a sales receipt. Using the drop-down menu there is no Trust Liability Bank account shown.

Did the same with the Invoice  and the same again.

Where am I going wrong.

Thanks,

Chuckles3

Thanks for getting back to us. I want to make sure you get the support you need ASAP. I recommend contacting our support team using this link here. One of our agents will be happy to give you hand and make sure you're set.

Thanks for getting back to me. I spoke to someone at Intuit today and resolved the situation,

Thanks for your help.

Chuckles3

I have tried the Record a retainer or deposit.

I created an example customer who prepaid for work to be done two months later.

Followed all of the instructions to the letter. The last one was where I would turn the retainers into credit on the invoice.

What I did notice was that when I checked the All Sales page it showed that the Invoice created as a retainer still showed to be paid.

What do I do now,

Thanks,

Chuckles3

Hi there. Is your goal to mark this invoice as paid?

Yes. I thought that using step 5 of the record a retainer or deposit would do that. The credit is already on the income page. Also the HST is on the balance sheet for HST payable.

Thanks,

Chuckles3

I see what you're saying. In this case, it's imperative that an agent can take a look at how this has been recorded in your books. If you reach back out to our tech support team, an agent can share your screen and walk you through this in order to avoid a double-entry.

Have a great day.