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jkeim
Level 2
posted
‎March 14, 2023 03:41 PM
last updated ‎March 14, 2023 3:41 PM

Recording Deposits on Product

First time I am trying to record a deposit on a job that will be completed in a few months.  I followed the directions I found here and created a liability account and a new product code.  I recorded the deposit and booked it to the liability account.  My problem is that I issued an invoice using the product code which is now showing up in my accounts receivable reports.  I followed the directions I found here but I am sure I am missing something.  Thanks in advance for your help.

 

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1 Comment 1
Rea_M
Moderator
Moderator
‎March 14, 2023 05:05 PM

Recording Deposits on Product

You're already on the right track in recording a deposit on a job, @jkeim. I'll share more details about this below so you can manage your project transactions in QuickBooks Online (QBO) accordingly.

 

Cash basis reports will not reflect deposit/retainer as received until the invoice is paid in full. That's why your invoice is showing up in your accounts receivable reports. You can also speak with your accountant regarding a workaround that includes a journal entry.

 

For the complete guide in recording deposits in QBO, please see this article: Record a retainer or deposit.

 

Also, you may want to check out this article as your reference to guide you in using projects to track your labour costs and profitability in QBO: Track hourly labour costs and profitability by project in QuickBooks Online.

 

Please feel free to leave a comment below if you have other concerns about managing project transactions in QBO. I'm always ready to help. Take care, @jkeim.

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