Can I see the chart of accounts?

I'm here to assist you with recording a down payment in QuickBooks Online (QBO), Olive.

To begin, let's create a liability account to track the down payment we receive from your customers.

1. Go to the Gear icon and select Chart of accounts.
2. Click New and choose Liabilities.
3. In the Save account under dropdown, select Other Current Liabilities.
4. Choose Trust Accounts - Liabilities in the Tax form section dropdown.
5. Fill in the necessary details and click Save.

Then, let's create a retainer item to record the down payment amount.

1. Go to the Gear icon and select Product and services.
2. Click New and choose Service.
3. Choose a Name for the item and choose the liability account we created for the Income account.
4. Fill in the necessary details and select Save and close.

You can now create either a sales receipt or an invoice for the down payment that you'll receive. Please refer to this article and follow Step 4: Record a retainer or deposit. Then, follow Steps 5 and 6 to turn the down payment into a credit and transfer the funds to your operating account.

Additionally, you can generate customer reports to get an overview of your business's customer activity.

Please return to this thread if you have other concerns with down payments in QBO. We'll be here to help.