Let me help you record this transaction in QuickBooks, @treasurer69.
You can set up a retainer process for your company in QuickBooks Online. This will be treated as a liability to show that, although your business is holding the money from a deposit or retainer, it doesn't belong to you until it's used to pay for services.
First, you need to create a liability account to track the amount of the retainers you receive from your customers.
Second, create a retainer item. The retainer item can now be selected when creating an invoice or sales receipt for a deposit or retainer payment.
Once done, let's now create a trust liability bank account.
- Go to Settings, then select Chart of Accounts.
- Click New and select Other Current liabilities from the Account Type drop-down.
- From the Detail Type drop-down menu, select Trust Accounts- Liabilities.
- Enter a Name for the account.
- Choose an option from the When do you want to start tracking your finances from this account in QuickBooks? drop-down list.
- Select a Default Tax Code and enter an Unpaid balance and as of date.
- Click Save and close.
After that, create a deposit to record a single payment. Then, create an invoice for each month to disperse the income or revenue throughout the year.
Other detailed steps are also provided in these article: Record a retainer or deposit.
If you have any other questions please let me know. I'm always glad to help any way I can.