QB Issue Resolution:

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Since there isn’t an automated way to track upfront deposits or retainers, you’ll need to manually track them in QuickBooks. These are the to do list:

  1. Create a liability account to track retainers.
  2. Add a new retainer (service/non-inventory) item.
  3. Add a new trust liability bank account (from your Chart of Accounts).
  4. Record sales receipts for deposits (advanced payments) or retainers.
  5. Invoice the customers for deposits.
  6. Convert the deposit into credit on invoices.
  7. Transfer funds from the trust liability bank account to your operating (Checking) account.

You can now track how much retainer you are holding for each customer by running the Balance Sheet report. Please see this article for the detailed steps: How To Record a Retainer or Deposit.

Resolution for Issue 'Hi, I’ve received a cash advance from a company to do research. They told me to can send an invoice for the total amount to reconcile the outstanding debt. How can I do this in Quickbooks? If I make an invoice, I’ve already received that money months ago.. Basically I want the invoice and the short term debit to cancel each other out…I’m not sure how to do that (i’m fairly new in accounting). Thank you.' available: Yes (Solved).
Source: Intuit Community forum.

Hi, I’ve received a cash advance from a company to do research. They told me to can send an invoice for the total amount to reconcile the outstanding debt. How can I do this in Quickbooks? If I make an invoice, I’ve already received that money months ago.. Basically I want the invoice and the short term debit to cancel each other out…I’m not sure how to do that (i’m fairly new in accounting). Thank you.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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