There are various tips, tricks and workarounds for handling professional billing using QuickBooks. Following are processes that work best for The Woodard Consulting Group and its clients.
Tracking client retainers
Perform the following steps to track retainers in QuickBooks:
1. Create an Other Current Liability account called "Client Retainers."
2. Create an Other Charge Item called "Retainer" and enter the "Client Retainers" liability account into the Income field.
3. Create an invoice template called "Retainer" that includes only the item column (screen only), the description column and the amount column. Make