Hello there, quincytrapping-g.
You can record a deposit or retainer in QuickBooks Online. But, before doing the process, I would suggest consulting with your account to make sure your books are accurate. I'll walk you through how to accomplish this.
To start with, create a liability account to track the amount of the retainer you received from your customer. Let me walk you through the steps:
- Go to the Gear icon at the top.
- Under Your Company, choose Chart of Accounts.
- Select New.
- In the Account Type drop-down, choose Other Current Liabilities.
- In the Detail Type drop-down, select Trust Accounts - Liabilities.
- Enter the account’s name or leave the account name as is.
- Click on Save and close.
Then, create a retainer item you can use to receive the deposit or retainer from your customer. For the detailed instructions, refer to the steps below:
- Go to the Gear icon at the top.
- Under lists, choose Products and Services.
- Then select New.
- On the Product/Service information window, select Service.
- Enter a name for the product or service item.
- From the Income Account drop-down, choose Trust Liability Account.
- Click on Save and Close.
You can check this article for detailed instructions: Record a retainer or deposit.
Keep me posted if you have any additional questions. I'll be right here to help.