There are two ways to do customer prepayments and client retainers in QuickBooks. One way is easy. The other is hard, the "official" way. Which is best for you? I'll show you.
From: Jennifer Thieme, Certified QuickBooks ProAdvisor
Do you need an easy way to record prepayments in QuickBooks?
Are you exasperated by the "official" way to do them? You are not alone! Many people are.
I once had a wonderful client named Brad. He was an engineer and owned his own firm, not far from my home.
Brad often received prepayments from customers and thought he knew how to show them in QuickBooks, but he wasn't sure. So, long before he found me, he hired somebody to help him, a very knowledgeable and sweet bookkeeper by all accounts.
She told Brad... "You're not doing the prepayments the right way."
What she meant was... "You're not doing prepayments the 'official' way."
So she tried to teach Brad how to do them the official way.
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But Brad thought the "official" way was so confusing! He couldn't remember all of the steps, there were so many. Plus they didn't make sense to him.
But it was the "right" way, the way all of the bookkeepers and CPAs thought it should be done. Even the internal QuickBooks help teaches the "official" way.
So Brad found somebody else, a wonderful CPA. The CPA agreed with the "official" way for prepayments. So HE tried to show Brad again and again how it was "supposed" to be done.
Because Brad is not bookkeeper, he just could not remember how to do it. He couldn't remember how to show the prepayment on an invoice, and how to figure out how much each customer had on balance after some of the prepayment had been used.
But TWO people told him to do them the "official" way, so he continued to struggle with the confusing steps.
More months passed.
And that's when he found me. He was so upset and exasperated.
But between his old way of doing them, and the new way, his books WERE A DISASTER! I had to spend many hours to clean up his Balance Sheet and Profit and Loss statements.
I'm sure the bookkeeper and CPA were good people meant well. But they couldn't think outside the box, couldn't think of a practical way to help their client.
He showed me what he had been doing BEFORE hiring that first bookkeeper and the CPA.
This new way needed to be refined... he had steps missing, but I could see how much easier it was going to be for non-bookkeepers. I could see why he started experimenting this way.
So I documented a system. I wrote everything down that needed to be done. I had to refine things quite a bit and add some significant steps at the end that were COMPLETELY missing.
Not only do I show you this new, easy way, I also show you the old, hard way too! You get both. This way you can sit down with your CPA and decide which to use.
I also show you...
I guarantee your satisfaction with this 66 page pdf... you WILL learn how to record customer prepayments in a way that makes sense to you... you WILL understand what you are doing at each step...
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To Your Success,
P.S. If you don't get this eBook right now, will your customer prepayments be right? Probably not.
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