I'll help you record upfront deposits in QuickBooks Desktop, @danny275.
There are several steps you need to take to account for any upfront payments or retainers you accept in exchange for goods or services.
You must create a current liability account for retainers and upfront payments before you may accept them. This is so even when you deposit the money into your bank account, upfront payments and retainers are obligations, not revenue. For the detailed steps, check this article as your reference: Manage upfront deposits or retainers.
Then, you must create an item to utilize when recording advance payments or retainers once you set up the account.
Once done, you can now record upfront deposits or retainers you receive.
Here's how:
- From the Customers menu, select Enter Sales Receipts.
- From the Customer:Job drop-down list, select the customer or job.
- If the Deposit To field appears, select the account into which to deposit the funds.
- If this field does not appear, the funds are identified as Undeposited Funds and can be deposited at a later point.
- Select the Payment method.
- Enter relevant information, such as the Date and Sale No, in the appropriate fields.
- In the Detail section, select the Upfront Deposit item you created from the Item drop-down list.
- In the Amount field, enter the amount of the deposit or retainer.
- Click Save and close.
Continue recording following the steps in the article above.
For future reference, you can also check this article to guide you in matching transactions in QuickBooks Desktop: Add and match Bank Feed transactions in QuickBooks Desktop.
Feel free to comment below if you have questions about recording upfront deposits in QuickBooks Desktop. I'm always here to help. have a great day.
