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office171
Level 1

Can I send an invoice and request 50% deposit so the client will pay only 50% at the time? Thanks

 
1 Comment 1
Rose-A
Moderator

Can I send an invoice and request 50% deposit so the client will pay only 50% at the time? Thanks

Good day, office171.

 

Yes, you can request your customer to deposit a 50% payment for the invoice and I'll be glad to show you how.

 

Once you receive the deposit, you can record it as a retainer and apply this to the client's invoice before you sending it. This way, your customer will receive the invoice with a 50% balance on it. Below are the steps to complete the process.

 

Step 1. Create a liability account:

 

    1. Select Settings , then select Chart of Accounts.
    2. Select New.
    3. From the Account Type ▼ drop-down menu, select Other Current Liabilities.
    4. From the Detail Type ▼ drop-down menu, Client Trust Accounts - Liabilities.
    5. Enter a name for the account (ex.  Trust Liabilities) or accept the suggested name.
  1. Select an option from the When do you want to start tracking your finances from the is account in QuickBooks? drop-down list.
  2. Select Save and close.

Step 2. Create a retainer item:

 

  1. Select Settings ⚙, then select Products and Services.
  2. Select New.
  3. From the Product/Service information panel, select Service.
  4. Enter a name for the new product or service item (ex. Retainer).
  5. From the Income account ▼ drop-down menu, select Trust Liability Account.
  6. Select Save and close.

For the other steps, you can go through this article proceed to Sep 3: Record a retainer or deposit.

 

Additionally, you can visit these resources to help you with recording and managing your invoice payments:

 

Record payments deposits and fees in QuickBooks Online

Record and make Bank Deposits in QuickBooks Online

 

The Community is always here to help you out. You can always leave a comment if you have any other questions. I'll help you the best I can.

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