I can provide you with options on how you can get paid upfront in QuickBooks Online (QBO), Morgan.
If you're referring to the Get Paid Upfront feature, please know that it was renamed to QuickBooks Line of Credit as of March 11, 2024. This option allows you to access invoice advances and receive funds within one to two business days instead of waiting on net terms.
To get started, you'll need an active QuickBooks Payments account. If you already have one, go to this link and click the Apply Today button: QuickBooks Line of Credit. It's important to note that this is also subject to eligibility by various factors. Check out this article to learn more: Increase cash flow with QuickBooks Line of Credit.
If you don't have QuickBooks Payments, consider signing up or manually recording upfront deposits in QBO. First, create a liability account to track the retainer amounts you receive from your customers. Here's how:
- Go to the Gear icon and select Chart of Accounts.
- Click New.
- Select Other Current Liabilities for the Account Type and Trust Accounts - Liabilities for the Detail Type.
- Enter the name of the account.
- Fill in other necessary fields and select Save and Close.
Refer to this guide for the whole process of setting up a retainer: Record a retainer or deposit.
Additionally, you can create recurring invoices in QBO to save you time manually creating and sending them to your customers.
Moreover, consider our QuickBooks Live Assisted service to help you manage upfront payments more effectively. Our team of dedicated experts offers personalized support to streamline your payment processes, ensuring your accounts are accurate.
You can always rely on us for any additional questions you have concerning upfront deposits. We'll ensure to address every query you have in mind. Keep safe, and have a productive day ahead.
