Retainers

David Langer dlangerpi at gmail.com
Sat Sep 25 14:41:39 EDT 2010


Can you please let me know where these accounts are located, that is, what
type of accounts they are?

Thanks

On Sat, Sep 25, 2010 at 2:28 PM, Keith Bellairs <keith at bellairs.org> wrote:

>                                   Dr           CR
> Client Retainer             1,000
> Services rendered                       1,000
>
> Retainer account                        1,000
> Regular account          1,000
>
> Accounting for the income is one transaction. Moving the money around
> because it is now yours is another. Of course, you can do it as one set of
> splits, or you could sweep money out of the retainer accounts periodically.
>
> I don't use the invoicing tools so no comment on that part, except that
> obviously there is no balance due. The invoice is reporting the fee earned,
> the amount charged to the retainer, and - perhaps - the remaining balance of
> the retainer.
>
>
>
> On Fri, Sep 24, 2010 at 11:52 PM, David Langer <dlangerpi at gmail.com>wrote:
>
>> Hi,
>>
>> I'm trying to set up a liability account for client funds which will be
>> allocated to sales when they are paid (retainers).
>>
>> This is the situation:
>>
>> A client would pay a retainer, which would be deposited to a bank account
>> especially for this purpose. At the same time, I will have set up a
>> liability sub-account account for this client, as in fact, the deposit is
>> a
>> liability.
>>
>> In GnuCash I will credit the liability sub-account to the bank account.
>>
>> But here's the part that confuses me (so far): what happens when a job
>> associated with that client is paid (in part, for example), by the
>> retainer?
>> How do I move the money from the retainer bank account, to sales, and at
>> the
>> same time, account for the change in the liability sub-account? Even more
>> confusing, how to invoice, and then account for the payment?
>>
>>
>>
>>
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>


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