This article discusses how you can record a negative retainer payment in BillQuick. The need for this may arise when you want to refund your client for a retainer balance.
- Open the Payment screen in BillQuick.
- Select the View By: Client mode.
- Then select the desired Client ID.
- Make sure the Client Retainer balance is greater than zero.
- Next, select the type of payment in the Pay Method. It defaults to Check.
- Enter a – minus sign before your refund amount, say -200.
- Check the 'Apply as Retainer' option. Your – sign should change. For example, if you had -200, it should now be ($200).
- Click Save and then Close to exit.
Recording a negative retainer payment will reduce the client's available retainer by that amount. If integrating with your accounting software, this negative payment will NOT transfer over. You must reduce the ‘BQUnearnedRetainer’ amount using a credit memo or reduce this amount directly from the QuickBooks retainer account. You also need to issue a refund check to the client from QuickBooks.