Wednesday, March 27, 2013

QuickBooks: Recording Vendor Invoices to Retainer Payments

I am confused about the proper way to enter the following scenario:

·         A retainer payment was made to the vendor in advance of service work
·         The vendor invoice came in and was less than the retainer payment

Now I need to apply the retainer payment to the actual invoice and show the overpayment credit on the vendor record.  I’ve already entered the retainer payment check to the expense code for the vendor service, but now don’t think that is correct.

This is an excellent question, and one that I am sure many users have. The answer is entering the payment without a bill using the following actions:
1)   When the original retainer payment is entered the coding should be on the expense tab and the account should be Accounts Payable with the vendor in the name column. This will show a credit in Accounts Payable.
2)   When the vendor invoice(s) are received, they can be entered as normal with the appropriate coding to the expense account. This will keep the history accurate for the transactions as they occur. This will reduce the negative balance on the Accounts Payable reports.
3)   And finally, the last step will be to “link” the bill by applying the credit from the retainer. This will clean up the Unpaid Bills report so only the remaining credit from the retainer payment will appear.
So to end your confusion, you need to change the original retainer payment from the expense code to Accounts Payable and enter the vendor name, and then follow step 2 and 3.


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