How to record a retainer withing Self-Employed

Welcome to the Community space, Design.

I'm here to help you sort things out. QuickBooks Self-Employed (QBSE) has several schedule C and expense categories. Recording a retainer will depend on which account you see it fits.

Feel free to read this article for more details: Schedule C and expense categories in QuickBooks Self-Employed.

On other hand, let me also provide you with the steps on how to categorize transactions. Here's how:

1. Route your cursor to the Transaction menu.
2. Look for a transaction on the list.
3. Choose Business if the transaction was for business, or select Personal for personal. If the transaction was both, choose Split.
4. Review the category in the Category column. QuickBooks tries to categorize transactions for you.
5. If you need to change the category, select the category link. Select a general type, and choose a more detailed classification.
6. Once done, select Save.

You can read this article for the detailed steps: Categorize transactions in QuickBooks Self-Employed.

If you want to get details on transactions in each Schedule C category. You can read through this article: Learn how Schedule C categories appear on reports.

Click the Reply button below if you have more questions about managing your QBSE account. I'll be happy to lend a hand. Take care and have a blissful week!

Hi there - 

Thanks for taking time to respond. I understand how to categorize expenses. My question is how to categorize a retainer. It is not an expense but I suspect it shouldn't be counted as income either until it is "earned". Please advise.