A company is applying a retainer to open invoices in the Payment screen and then sends these payments to QuickBooks desktop or QuickBooks Online. After the sync, your cash basis financial reports are off by the amount of the retainer payments applied and sent to QuickBooks.
Due to some data integration limitations, sending retainer payments created in the BillQuick Payment screen are recorded as discount payment transactions in QuickBooks. These discounts are the ones that are causing discrepancies in your QuickBooks financial reports.
Here are a few solutions:
Option 1. You can create a journal entry that will balance out the BQUnearnedRetAccount in your QuickBooks Chart of Accounts. Please reach out to your accountant on how to best create this journal entry.
Option 2. You can manually edit the invoices in QuickBooks and add a negative line item for BQRetainerChargeItem. This will actually remove the discount and if you run cash reports in QuickBooks, the numbers will match. Please review this video:
Option 3. Remove the discount and invoice in QuickBooks; reverse the retainer payment and invoice in BillQuick; redo billing in Billing Review and then resend the invoice to QuickBooks. Please review this video:
Option 4. Instead of syncing the applied retainer to an older invoice from BillQuick to QuickBooks, you can choose not to sync the discount. You can manually create a credit memo for the invoice that it was being applied to in QuickBooks. You can use the BQRetainerChargeItem as the item application for the credit memo, which allows you to debit the BQUnearnedretainer account.