Moderator

Payments

Thanks for reaching out to us, @phill21.

 

I'd like to make sure this gets taken cared of.

 

Let's pull up your Balance Sheet report and use Cash basis as your accounting method. Doing this recognizes income only as it is received and expenses only as they are paid. And from there, you'll be able to see the all the transactions from the accounts receivable for a specific date.

 

Here's how:

  1. Go to Reports.
  2. Search for Balance Sheet Report.
  3. Customize the Report period to show November transactions.
  4. Fill in the radio button for Cash as your Accounting method.

For December transactions that you want to go into Unearned revenue, we can create a liability account to track the amount of the retainer you received from your customer.


Here’s how:

 

  1.     Select the Gear icon at the top.
  2.     Under Your Company, choose Chart of Accounts.
  3.     Select New.
  4.     From the Account Type drop-down, choose Other Current Liabilities.
  5.     From the Detail Type drop-down, choose Trust Accounts - Liabilities.
  6.     Type in the name you want.
  7.     Select Save and Close.

I've got you an article that provides more information about recording a retainer or deposit in QuickBooks Online: Record a retainer or deposit.

 

I'm still here whenever you have additional questions about handling balance sheet accounts. Have a good day.