Settle short term debit with an invoice in QuickBooks
Hey members I want you to give your suggestions on my issue
A company has given me a cash advance to do research and not they want me to send an invoice of the total amount to reconcile the outstanding debt. The issue is I don’t know how to do in QuickBooks, frankly speaking I am new to accounting. Need Help
I will surely help you, you just need to follow the steps which I am discussing below. You need to manually tack them as there is no automated way to track upfront deposits:
- Generate a liability account to track retainers
- You have to Add a new retainer
- Insert a new trust liabilty bank account
- Trace sales receipts for deposits
- Create the invoice for customers deposits
- Transfer the deposit into the credit on invoices
- Move funds from the trust liability bank account to your operating account.
By the help of these steps you will be able to track how much amount you are holding with every customer by running the Balance sheet report.