Hello there, @staugustinehouseplans.
As the multi-payment feature isn't supported in QBO, we can manually record the retainer instead. The retainer or deposit is classified as a liability, signifying that the funds are held by your business but are not considered yours until they are utilized for services.
First, you need to create a liability account to track the amount of retainers you receive from your customers:
- Navigate Settings ⚙, then select Chart of Accounts (Take me there).
- Click New.
- From the Account Type ▼ dropdown menu, choose Current Liabilities.
- From the Detail Type ▼ dropdown menu, Client Trust Accounts - Liabilities.
- Enter a Name for the account (for example, Trust Liabilities) or accept the suggested name.
- Select a Default VAT Code, enter an Unpaid balance, and an as of date.
- Click Save and Close.
Next, generate a retainer item that can be chosen when generating an invoice or sales receipt for a retainer payment. To access detailed steps, please refer to this article: Record a retainer or deposit.
In addition, I will share the following articles to help you personalize your invoices and keep track of their payments:
If you have further questions about handling your customers and sales transactions in QBO, please don't hesitate to reach out. I'm here to help and ensure your experience with our services is as smooth as possible.
