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January 1, 2023
Solved

I hv rcvd advance payment 4m client. Hw shld I recrd it 4m bank feed? so tht I knw d blnc aftr every invoice adjstmnt as thr z no indvdul A/R ldgr maintained in COA by QB

  • January 1, 2023
  • 1 reply
  • 0 views
This payment could cover probably 4 to 5 months invoices of coming months. I also don't see Unearned Income (Current Liabilities) account when I open receive payment page.
Best answer by CharleneMaeF

Hello akber-rao-!

 

Thanks for posting here. Let me share details on how to track the advance payment in QuickBooks Online.

 

The first thing we need to do is to create a liability account to track the deposit or advance payment you receive from your customers. Then, let's set up a retainer item that we'll use in recording the transaction and the affected income account should be the liability account you created. It'll be converted into income once we apply the advance payment to the invoice.

 

You can check the detailed steps here: Record a Retainer or Deposit.

 

Keep on posting here if you need anything else. We'll respond as soon as we can.

1 reply

January 2, 2023

Hello akber-rao-!

 

Thanks for posting here. Let me share details on how to track the advance payment in QuickBooks Online.

 

The first thing we need to do is to create a liability account to track the deposit or advance payment you receive from your customers. Then, let's set up a retainer item that we'll use in recording the transaction and the affected income account should be the liability account you created. It'll be converted into income once we apply the advance payment to the invoice.

 

You can check the detailed steps here: Record a Retainer or Deposit.

 

Keep on posting here if you need anything else. We'll respond as soon as we can.

January 7, 2023

Thank you 🙂

DHeraV
January 8, 2023

You're most welcome, akber-rao!

I'm glad to hear that my colleague @CharleneMaeF was able to help you how to track the advance payment in QuickBooks Online.

Let us know if you need further assistance with managing your QuickBooks Online account. The Community team is here to help you anytime. Have a great day!