How To Create Customer Retainer Report in QuickBooks Online
For businesses, such as legal and professional design services, that collect retainer fees upfront, here is a report you can build in QuickBooks Online without having the need to create lots of retainer other current liability accounts in your chart of accounts.
- Be sure you do have one Client Retainer (other current liability type) account already set up in your Chart of Accounts.
- Now go to your reports section within QuickBooks online and find a report entitled “Custom Summary Report” and click on this.
- At the top of this report, select “Customers” within the drop-down underneath “Display rows by”.
- Now click on the Customize button.
- Scroll down and open up your filters section.
- Check-mark both “Distribution Account” and “Customer”.
- Within the Distribution Account filter, select only that Client Retainer account.
- Within the Customer filter, select all of your current active customers.
- Now click on the Run Report button.
- If no data shows (or very little) be sure to select your date range at the top; it is probably best to select All Dates, then click on Run Report again (on the right side).
- Now you should see your selected customer list along with their current retainer balances.
- If you want to know the details behind a particular customer’s balance, simply click on that customer’s total.
- Note: As you complete your projects for your clients and apply any open retainers to final invoice balances, be sure to run this report to verify the status of open retainers; otherwise you might find yourself either not recognizing income in the appropriate time periods, OR, you might have a client contact you weeks, months or years down the road asking about a retainer refund they never received (for a cancelled job).