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cmarty
Level 2

Using QBO, we have created projects, but question the best way to record deposits against the invoice within the project.

We are a construction company and use projects to track all of our jobs. An invoice is created within the project with the total cost of construction. If I receive a payment against the invoice, it appears as though I don't need to record the deposit by clicking the other/bank deposit as it creates a double entry. What is the best way to record a deposit on projects?

Solved
Best answer March 22, 2019

Best Answers
Anonymous
Not applicable

Using QBO, we have created projects, but question the best way to record deposits against the invoice within the project.

Hi there, cmarty.

 

It's nice to see you in the Community again. I'm here to help share the best way to record a deposit on a project.

 

You can set up a deposit or retainer process when you invoice the customer and receive payment against it. First, you'll need to create a liability account to track the amount of the retainers you receive from your customers.

 

For more detailed steps in recording a retainer or deposit, please check this helpful article: How to record a retainer or deposit.

 

This article should help guide you in recording deposits against the invoice within a project.

 

As always, if you need more information about other QuickBooks related issues, you can always check out our helpful site: Help articles for QuickBooks Online.

 

Should you have additional questions about the process, please let me know. I'm always here to help. Have a great weekend.

View solution in original post

1 Comment
Anonymous
Not applicable

Using QBO, we have created projects, but question the best way to record deposits against the invoice within the project.

Hi there, cmarty.

 

It's nice to see you in the Community again. I'm here to help share the best way to record a deposit on a project.

 

You can set up a deposit or retainer process when you invoice the customer and receive payment against it. First, you'll need to create a liability account to track the amount of the retainers you receive from your customers.

 

For more detailed steps in recording a retainer or deposit, please check this helpful article: How to record a retainer or deposit.

 

This article should help guide you in recording deposits against the invoice within a project.

 

As always, if you need more information about other QuickBooks related issues, you can always check out our helpful site: Help articles for QuickBooks Online.

 

Should you have additional questions about the process, please let me know. I'm always here to help. Have a great weekend.

View solution in original post

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