Home

How do I enter retainers (prepayments) in quicken H and B 2010?

Unknown Member
edited October 2018 in
How do I enter retainers paid by clients before I invoice them? For example, A client pays retainer of $4,000 which is anticipated to cover the next three monthly invoices. How do I show the deposit  of $4,000 in my bank account in Q HB and then how do I invoice so that I am not either double entering the dollars in or having to produce invoices that sum to zero?

Comments

  • Unknown Member
    edited October 2018
    thg:

    This is essentially handled like anyother payment.  Enter the total amount in the Customer Payment dialog as usual. Quicken associates this with the customer, and when you create your invoice you can apply the down payment to it.

    For specific instructions for both manual entry and downloading the transaction from your bank, use the Search feature in Quicken Help.  Use "prepayment" (without the quotes) for the search term and open the topic "How do I Track a prepayment or down payment."
  • Andrew AngellAndrew Angell Member ✭✭
    edited July 2016
    2ndCAG said:

    thg:

    This is essentially handled like anyother payment.  Enter the total amount in the Customer Payment dialog as usual. Quicken associates this with the customer, and when you create your invoice you can apply the down payment to it.

    For specific instructions for both manual entry and downloading the transaction from your bank, use the Search feature in Quicken Help.  Use "prepayment" (without the quotes) for the search term and open the topic "How do I Track a prepayment or down payment."

    I'm trying this but I'm not having any luck.  I just received a retainer payment from a client, so I went into my bank register in Quicken and entered the new payment accordingly.  I used their company name as I do on invoices I create for them, and I tagged the transaction with my company tag.

    Now, though, when I go into Invoices, create the new invoice, type in the same customer name that I entered the payment with, and then click Receive Payments, I don't see any existing credit available.  It's not binding that payment I deposited with this customer for some reason.

    Any info on what I'm doing would be greatly appreciated.  By the way, as this thread is a few years old now, I am using H&B 2014, but the topic still seems to apply.
  • Andrew AngellAndrew Angell Member ✭✭
    edited July 2016
    2ndCAG said:

    thg:

    This is essentially handled like anyother payment.  Enter the total amount in the Customer Payment dialog as usual. Quicken associates this with the customer, and when you create your invoice you can apply the down payment to it.

    For specific instructions for both manual entry and downloading the transaction from your bank, use the Search feature in Quicken Help.  Use "prepayment" (without the quotes) for the search term and open the topic "How do I Track a prepayment or down payment."

    Ah, well, nevermind.  I just figured it out, although it's not ideal.  I was entering the payment directly into my bank register.  Instead, I had to go into Invoices and use "Create Customer Payment" in order for it to be linked.  Now it does show up on a new invoice I create for that customer as an existing credit, however, it causes my Invoices account in Quicken to be in the red/negative.  I guess that makes sense, but it's not ideal.  I can work with it, though.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited December 2016
    2ndCAG said:

    thg:

    This is essentially handled like anyother payment.  Enter the total amount in the Customer Payment dialog as usual. Quicken associates this with the customer, and when you create your invoice you can apply the down payment to it.

    For specific instructions for both manual entry and downloading the transaction from your bank, use the Search feature in Quicken Help.  Use "prepayment" (without the quotes) for the search term and open the topic "How do I Track a prepayment or down payment."

    ANY payment from a client needs to be input thru the Invoice/Payment mechanism. That's the ONLY way to associate it with a client.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown Member
    edited July 2016
    2ndCAG said:

    thg:

    This is essentially handled like anyother payment.  Enter the total amount in the Customer Payment dialog as usual. Quicken associates this with the customer, and when you create your invoice you can apply the down payment to it.

    For specific instructions for both manual entry and downloading the transaction from your bank, use the Search feature in Quicken Help.  Use "prepayment" (without the quotes) for the search term and open the topic "How do I Track a prepayment or down payment."

    This is essentially handled like any other payment. Enter the total amount in the Customer Payment dialog as usual.
    Quicken associates this with the customer, and when you create your invoice you can apply the down payment to it.

    Select the Apply Existing Credits check box to have Quicken apply the credit to this invoice.

    Quicken tells you how much credit is available and tracks any remaining amount, which you can apply to the
    next invoice you issue for this customer.

    I am now using H&B 2013 and the above continues to work.
Sign In or Register to comment.