sale of business

We'll work on this together to achieve your goal, @cvt15'.

To record the advance payments from your customer, we'll need to record them as upfront deposits or retainers.

Here's how:

1. Create a liability account for an upfront deposit.
2. Make an item list for the upfront deposit.
3. Afterward, create a sales receipt or invoice to record the advance payments from customers.
4. Turn retainers into credits on invoices.
5. Then, track deposits of retainers by customers.

Once done, you can see each customer's retainer or deposit balance, as well as a record of transactions that have affected this balance.

Meanwhile, you can write a check to pay the new owners using the owner's draw account.

Feel free to read this article for more details:  Manage upfront deposits or retainers.

For queries about managing your QuickBooks Desktop for Mac, never hesitate to reply to this post. I'll be happy to help. Keep safe and have a good one!