Retainer

by Jackie
(Texas)

How do I post a retainer paid to an attorney in Quickbooks?

Hi Jackie,

Thanks for your question.

A retainer deposited is posted in Quickbooks as follows:

DEBIT the Bank Account (asset)
CREDIT the Retainer Account (current liability)

Services rendered against the retainer would then be posted as:

DEBIT the Retainer Account
CREDIT the Service Income Account

Retainer to a Vendor or Supplier

by Vin
(Toronto)

How do I record a 'retainer' paid to a vendor or supplier? I use QuickBooks. Thanks.