Entering a job deposit/retainer

Question

I'd love to hear how others enter job deposits? We use Progress billing as well as Time & Material billing as the Invoice Detail for each Progress Invoice. 
 
 Thanks!

Char DeLange · Answer

Two options 
 1. Short term deposit enter a credit in 3-2 as a type 2-memo in the grid post it to your checking acct 
 2. Long term deposit enter at 1-2 and credit customer deposots kiability account sub accounted by job. When ready to apply enter an AR credit as type memo and hit that liability account in the grid. 
 apply credit thru cash receipts when you bill them or send a statement showing bill and credit so client pays net

Sage Construction & Real Estate

Entering a job deposit/retainer

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