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Johamike
February 8, 2022
Question

How to record a retainer payment to a vendor in quickbooks online

  • February 8, 2022
  • 1 reply
  • 0 views

Hello,

I paid a retainer to a supplier; now, the supplier gave me a bill to be paid using the retainer.

How do I record the bill payment from the retainer using QuickBooks online?

 

Note: I recorded the retainer as a Current Assets ==> Prepaid Expenses, as Quickbook did not give me the option of Other Current Assets

 

Thank you

1 reply

J
JamesM4
February 9, 2022

Hello Johamike,

 

Thanks for connecting with us here. It's great to learn you're taking advantage of the powerful features in QuickBooks so you can streamline your accounting. I'll be glad to point you in the right direction so you can get the resolution you need in a timely manner. 

 

Making sure you're recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on how to record the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here.

 

I'll leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.

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