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swainlawoffice
Level 1

How to track how money was used from a retainer on quickbooks online?

We are a law firm and we receive a retainer before we start on a case. How are we able to track how we have used the money from the retainer? For example instead of creating an individual excel spreadsheet per case, how can we keep a running one?

 

In the past we made an excel spreadsheet and then subtracted that total from the retainer to see where we were at in a case. Is there a better way on quickbooks?

1 Comment
David-212915
QuickBooks Team

How to track how money was used from a retainer on quickbooks online?

Welcome to the Community, @swainlawoffice. I can help with retainers in QuickBooks Online (QBO).

 

There's an article that covers handling a retainer that I recommend as it walks a user through all the steps of the process, such as setting up a liability account, retainer item and a liability bank account if necessary: How to Record a Retainer or Deposit. In the past, I've seen businesses run transaction reports and/or keep separate liability accounts per client to help track it. You can locate information on generating account specific reports in the following link: Run Reports.

 

Naturally, you may want to consider consulting with your accountant to ensure the optimum setup for your firm. 

 

I believe that these resources are a good place to start at when looking at tracking retainers in QBO. 

 

If I can be of any additional assistance, please let me know. Take care. 

 

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