cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

If I receive money before scheduling the work. How do I send a receipt for advanced funds/retainer?

 
1 Comment
Highlighted
QuickBooks Team

If I receive money before scheduling the work. How do I send a receipt for advanced funds/retainer?

QuickBooks Self-Employed does not have a feature to track retainers or customer deposits, lbollin-1.

 

The program basically offers simple tracking of business income and expenses into the correct Schedule C categories, mileage tracking, and estimated taxes calculation. You can take a look at this article to get more details how the program works: QuickBooks Self-Employed Overview.

 

In the meantime, you can exclude the transaction if it was downloaded from your bank. You may not also record it manually as an income until the work is done. Please see this article on how to exclude banking transactions: Exclude or delete transactions

 

If the nature of your business required tracking of retainers, you'll want to switch to the QuickBooks Online version. It has the ability to record deposits or track retainers. 

 

Please use this article as a guide in case you want to switch over: Switch from QuickBooks Self-Employed to QuickBooks Online.

 

Feel free to get back to us if you have follow-up questions. We're always here to help.

Need to get in touch?

Contact us