QB Issue Resolution:

We’ll need to create first a clearing account to transfer a client’s retainer balance to the other customer. Here’s how:

  1. At the top menu, click Lists and select Chart of Accounts.
  2. At the bottom of the Chart of Accounts window, click the Create button (plus sign) to create a new account.
  3. In the New Account window, choose Bank in the Type field.
  4. Name the bank as Clearing AccountBarter Account or Wash Account.
    NoteDo not enter an opening balance.
  5. Click OK.

Now, let’s use the clearing account to create a journal entry:

  1. At the top menu, click Company and select Make General Journal Entries.
  2. Debit the Accounts Receivable account, and associate it with your client where the retained balance comes from.
  3. Credit the clearing account.
  4. Click Save.

Lastly, let’s create another journal entry:

  1. Debit the clearing account.
  2. Credit the Accounts Receive account, and associate it with your other client where the retained balances goes to.
  3. Click Save.

I also suggest consulting an accountant to see what will works best for you and your company.

Resolution for Issue 'How do I transfer a Client’s retainer balance to another Customer?' available: Yes (Solved).
Source: Intuit Community forum.

How do I transfer a Client’s retainer balance to another Customer?: 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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