How does ArchiOffice/EngineerOffice handle retainers and retainer refunds in QuickBooks? When a user refunds a retainer to a client and records it in ArchiOffice, it syncs the transaction with QuickBooks. How can the user write a refund check and record it in QuickBooks without throwing off the books?
When transferring retainers to QuickBooks, the sync tool saves them as Client Credits in a liability account. The retainer only shows up in QuickBooks if you have applied it to the invoice in ArchiOffice; otherwise, if you apply the retainer to the project, it will not sync to QuickBooks. ‘From Retainer’ is sent to QuickBooks as a $0 invoice with the following line items (this is important for cash basis of accounting):
A retainer transfer transaction in ArchiOffice is transferred to QuickBooks where it creates a journal entry with the following line items:
Credit: Undeposited Funds Account using destination project
Debit: AOUnearnedRet Account using source project
Then there are two types of refunds in ArchiOffice--Payment Refund and Retainer Refund. As far as payment refund is concerned, ArchiOffice does not transfer it to QuickBooks. A retainer refund is, however, transferred to QuickBooks where it creates a journal entry with the following line items:
Credit: Undeposited Funds Account
Debit: AOUnearnedRet Account
As an alternative, you can refund your retainer in QuickBooks instead and this will reduce the AOUnearnedRet liability account as well as your bank account.