Let me guide you through the steps on how to apply the invoice against the retainer, GulfGases.
You can start by writing a check that affects the bank and the retainer account.
For the invoice, you can create a bill. Select the expense account for the first line item(positive $1303), then the retainer account for the second line item (negative $1303).
To check the remaining balance of the retainer account, you can to the Chart of Accounts. Here's how:
- Go to the Lists menu and select Chart of Accounts.
- Search for and open the Retainer account.
- Check the account balance.
I'm adding this link for other related topics: Record vendor prepayments or deposits for prepaid parts or services.
If you want to record the invoice against the retainer differently, I recommend consulting with your accountant. They can provide specific instructions so your records are correct.
Stay in touch with me if you need additional information about handling your retainer's transaction. I'm always right here to help you.