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PixelAgency
Jan 3, 2024 4:27 PM UTC
Solved

How to record retainers or prepayment of services in Quickbooks Self Emplyoed?

Can QuickBooks Self-Employed be used to record prepayments or retainer fees? Several clients prepaid for services in 2024 at the end of 2023. I need to record these payments in a way that reflects them as liabilities, not as income for 2023, since the services haven’t been rendered yet. Specific guidance for handling this in QuickBooks Self-Employed would be greatly appreciated. Thank you!

MirriamMAnswer
Jan 3, 2024 6:00 PM UTC

Hi there, PixelAgency. Thanks for reaching out to the Community forum.

 

I'll be happy to answer your question about recording retainers or prepayment.

 

QuickBooks Self-Employed (QBSE) helps you record your self-employed income and expenses, track mileage, and prepare your Schedule C tax form. At this time, tracking retainers or prepayment in QBSE isn't an option. 

 

If you need more advanced features to keep up with your bookkeeping, you may consider upgrading to QuickBooks Online. For more details in switching your subscription, see this article: Switch from QuickBooks Self-Employed to QuickBooks Online.

 

If you have other questions in mind, please don't hesitate to go back to this thread. I'll be here to answer them for you.

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2 replies

MirriamMAnswer
Jan 3, 2024 6:00 PM UTC

Hi there, PixelAgency. Thanks for reaching out to the Community forum.

 

I'll be happy to answer your question about recording retainers or prepayment.

 

QuickBooks Self-Employed (QBSE) helps you record your self-employed income and expenses, track mileage, and prepare your Schedule C tax form. At this time, tracking retainers or prepayment in QBSE isn't an option. 

 

If you need more advanced features to keep up with your bookkeeping, you may consider upgrading to QuickBooks Online. For more details in switching your subscription, see this article: Switch from QuickBooks Self-Employed to QuickBooks Online.

 

If you have other questions in mind, please don't hesitate to go back to this thread. I'll be here to answer them for you.

PixelAgencyAuthor
Jan 5, 2024 1:59 PM UTC

Thank you for your quick response. I will explore the option to move to Quickbooks.

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