Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Hello there, @Murage. Let me help you record the transaction so it will appear in your current liabilities in QuickBooks.
You'll want to set up a retainer process and create a retainer item. A retainer doesn't belong to you until it's used to pay for services. When you invoice the customer and receive payment against it, you'll turn that liability into income.
First, create a liability account to track the number of retainers.
Then, create a retainer item. Here's how:
To know more about this process, you can scan through this article: Record a retainer or deposit. It contains steps on how to manage these transactions as well as track them in QuickBooks Online.
Also, I'll be adding these articles that will help you make deposits and reconcile your account in QuickBooks:
If there's anything else that I can help you with, please let me know in the comments. I'll be here to lend a hand.
Thank you for your quick response, really appreciated.
Well after all this, the customer pays the final amount to us once the service is provided.So,how do i distributed this deposits from the agent to the individual customers so that it can reduce the invoice amount, once i invoice them upon delivering the service?
Great to see you again, @Murage. Thanks for coming back to the thread and making a follow-up. I'll conform with others and share insights to help you handle these deposits.
You'll want to utilize QuickBooks Online's progress invoicing. It lets you split an estimate into as many invoices as equivalent to your customers.
First, ensure that your progress invoicing is on. Then there are the steps to create an estimate.
You can then proceed to create a progress invoice from the created estimate:
For detailed information, refer to this article: Set up and send progress invoices in QuickBooks Online.
After that, you'll create an invoice and apply the retainer as a credit to it. Here's how:
You may refer to this article for the detailed process: Record a retainer or deposit.
Furthermore, I'll share this text as a resource if you want to understand how to amend and remove sales tax payments in the tax center: Manage sales tax payments in QuickBooks Online.
For additional QuickBooks-related concerns, don't hesitate to post them here in the Community. We're always available and willing to lend a hand to your queries. Have a great day ahead.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here